Notice No. 05-2015 of April 20, 2015: Angola Payment System - Standardized Cheque

Published in the Diário da República, I series, No. 53, of April 20

NOTICE No. 05/2015

SUBJECT: ANGOLA PAYMENT SYSTEM

• Standardized Cheque

Considering the need to promote the increase in the security of cheques, particularly at the level of their forms; Considering that the implementation of the Cheque Clearing Subsystem requires the use of cheque forms adapted to the requirements of automatic reading and image digitization; Under the combined provisions of Article 7 of Law No. 5/05, of July 29 - Payment System Law, and Article 51 of Law No. 16/10, of July 15 - Bank of Angola Law;

I DETERMINE:

Article 1. (Object) The purpose of this Notice is to define the requirements for cheque forms used in the Angola Payment System.

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Article 2. (Scope) This Notice applies to financial institutions authorized to provide cheques to their clients.

Article 3. (Definitions) For the purposes of this Notice, the following are understood: a) Standardized cheque model 1: the cheque form produced in accordance with the technical specifications defined in Notice No. 03/04, of July 13; b) Standardized cheque model 2: the cheque form produced in accordance with the technical specifications to be defined in specific regulation; c) Deposit account: a payment account on which cheques can be drawn; d) Customization of the cheque form: the inclusion in the cheque form of the drawer's identification data.

Article 4. (Cheque forms) The cheque forms provided by financial institutions to holders of deposit accounts domiciled with them must respect the technical specifications defined by the Bank of Angola and be approved in accordance with the regulation on the production and control of cheques.

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Article 5. (Validity period)

1. All standardized cheques have a validity period, determined by their respective expiry date, indicated in the manner defined in the technical specifications referred to in Article 3 of this Notice.
2. The expiry date is the date until which, inclusive, the cheque may be presented for payment at a branch of the drawee institution or deposited at a financial institution participating in the cheque clearing subsystem.
3. The expiry date may not be less than 6 (six) months, nor more than 24 (twenty-four) months, calculated from the date of customization of the cheque form.
4. If the expiry date is not a business day, the following business day is considered the expiry date.
5. Standardized cheque model 1 is valid for presentation for payment or deposit at a financial institution until April 30, 2015.

Article 6. (Production and storage of forms) The production, storage, and transport of cheque forms are subject to security requirements and control mechanisms defined in specific regulation.

Article 7. (Maximum issuance value)

1. The maximum value for issuing a standardized cheque is defined in specific regulation.

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2. The maximum value for issuing a standardized cheque is independent of the cheque model.

Article 8. (Clearing)

1. Only standardized cheques are accepted in the interbank clearing system.
2. All financial institutions that provide cheques to holders of deposit accounts are mandatory participants in the interbank cheque clearing system.

Article 9. (Sanctioning regime) Violation of the provisions of this Notice is punishable under Law No. 13/05, of September 30.

Article 10. (Doubts and omissions) Doubts and omissions arising in the interpretation and application of this Notice are resolved by the Bank of Angola.

Article 11. (Revocation) Notice No. 24/12, of June 1, is revoked.

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Article 12. (Entry into force) This Notice enters into force 5 (five) days after the date of its publication.

PUBLISH. Luanda, April 13, 2015.

THE GOVERNOR JOSÉ PEDRO DE MORAIS JÚNIOR