Notice No. 04-2018 of March 22: Amendment to Article 12 of Notice No. 09/17 Regarding Payment System Infractions

NOTICE NO. 04/2018 SUBJECT: PAYMENT SYSTEM

• Amendment to the Text of Article 12 of Notice No. 09/17, of September 12, Regarding Infractions

Taking into account the need to detail the sanctions applicable to possible infractions that may be committed by Banking Financial Institutions regarding their obligations under Notice No. 09/17, of September 12, namely the non-compliance with the deadlines established therein;

In the exercise of the competence conferred upon me by the combined provisions of Article 7, paragraph c) of Article 30, and Article 33 of Law No. 5/05, of July 29 – Payment System Law of Angola, and Article 51 of Law No. 16/10, of July 15 – Bank of Angola Law.

I DETERMINE:

Article 1. (Amendment to the Text of Article 12 of Notice No. 09/17, of September 12)

“Article 12 of Notice No. 09/17, of September 12, Regarding Infractions”, shall henceforth have the following text:

1. The sanctioning measures established by this Notice are applicable to payment service providers.

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2. Without prejudice to the provisions of the Payment System Law, payment service providers are subject to the following penalties in the situations described below:

a) For the non-execution of transfers and non-provision of funds to the beneficiary, provided for in paragraph a) of number 1 of Article 4, and number 1 of Article 5, both of Notice No. 9/17, of September 12, punishable by a fine corresponding to 2% of the minimum share capital defined for the payment service provider, divided by 360 (three hundred and sixty) days, for each day of delay;

b) For the non-execution of the transfer order instruction and non-provision of funds to the beneficiary, provided for in paragraph b) of number 1 of Article 4 and number 4 of Article 5, both of Notice No. 9/17, of September 12, punishable by a fine corresponding to 5% of the minimum share capital defined for the payment service provider, divided by 360 (three hundred and sixty) days, for each day of delay;

c) For the non-execution of transfers provided for in paragraph c) of number 1 of Article 4 of Notice No. 9/17, of September 12, punishable by a fine corresponding to 2% of the minimum share capital defined for the payment service provider, divided by 360 (three hundred and sixty) days, for each day of delay;

d) For the non-execution of transfers provided for in item i) of paragraph d) of number 1 of Article 4 of Notice No. 9/17, of September 12, punishable by a fine corresponding to 2% of the minimum share capital defined for the payment service provider, divided by 360 (three hundred and sixty) days, for each day of delay;

e) For the non-execution of transfers provided for in item ii) of paragraph d) of number 1 of Article 4 of Notice No. 9/17, of September 12, punishable by a fine corresponding to 2% of the minimum share capital defined for the payment service provider, divided by 360 (three hundred and sixty) days, for each day of delay;

f) For the non-provision of funds to the beneficiary of interbank transfers provided for in number 2 of Article 5 of Notice No. 9/17, of September 12, punishable by a fine corresponding to 2% of the minimum share capital defined for the payment service provider, divided by 360 (three hundred and sixty) days, for each day of delay;

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g) For the non-inclusion of ordered transfers and non-provision of funds to the beneficiary, in the subsystem provided for in number 3 of Article 4 and number 3 of Article 5, both of Notice No. 9/17, of September 12, punishable by a fine corresponding to 2% of the minimum share capital defined for the payment service provider, divided by 360 (three hundred and sixty) days, for each day of delay;

h) For the non-immediate provision of the credit balance to the beneficiary, provided for in number 1 of Article 7 of Notice No. 9/17, of September 12, punishable by a fine corresponding to 2% of the minimum share capital defined for the payment service provider, divided by 360 (three hundred and sixty) days, for each day of delay;

i) For the non-provision of the credit balance of standardized cheque deposits provided for in numbers 1 and 2 of Article 8 of Notice No. 9/17, of September 12, punishable by a fine corresponding to 2% of the minimum share capital defined for the payment service provider, divided by 360 (three hundred and sixty) days, for each day of delay.

3. The penalties provided for in this article are applied cumulatively, when they concur with each other.

Article 2. (Complaint Management)

Without prejudice to the deadlines established in Notice No. 12/2016, of September 5, Regarding Protection of Consumers of Financial Products and Services, as well as the established in Instructional No. 06/2012, of September 18, Regarding Terms, Conditions and Procedures for Handling Complaints, for the purposes of this Notice, within the scope of Notice No. 09/17, of September 12, payment service providers must, in complaint management, adhere to the following procedure:

a) If a client files a complaint, 24 hours after the transfer instruction request, the Bank of Angola shall proceed to investigate the reasons for the non-execution of the operation within the regulatory deadline;

b) After the diligence referred to in the previous paragraph and in case of confirmation of irregularities, the Bank of Angola notifies the payment service provider, for it, within a period of 24 hours, to provide the funds to the beneficiary;

c) Additionally, the Bank of Angola applies the competent sanctioning measure provided for in Article 1 of this Notice and notifies the payment service provider to proceed with the financial settlement of the fine.

Article 3. (Operations in National Currency)

The provisions contained in this Notice are applicable exclusively to operations carried out in national currency (NC).

Article 4. (Doubts and Omissions)

Doubts and omissions resulting from the interpretation and application of this Notice shall be resolved by the Bank of Angola.

Article 5. (Entry into Force)

This Notice enters into force on the date of its publication.

PUBLISH.

Luanda, February 21, 2018.

THE GOVERNOR JOSÉ DE LIMA MASSANO