Regulatory Alerts1996-03-01
Notice No. 04/96 of 1 March
The National Bank of Angola mandates that financial institutions and currency exchange houses must immediately test suspected counterfeit foreign banknotes in the presence of the client using detection machines. Upon confirmation of counterfeiting, institutions must retain the notes, issue a detailed receipt to the client, and confidentially forward the notes to the Bank's Banking Supervision Directorate for final verification and retention. If the Bank does not confirm the counterfeiting, it will return the notes to the institution for immediate restitution to the client, with this procedure taking effect immediately.
NOTICE NO. 04/96 of 1 March
Whereas we have been witnessing the appearance of counterfeit foreign banknotes in circulation in the market, predominantly the United States dollar, mainly banknotes with a face value of 100.00, without these banknotes being seized, continuing in circulation with all the resulting consequences; Considering that it is the responsibility of the National Bank of Angola, in its capacity as the Central Bank, to defend and preserve the stability of the national financial system; In exercise of the competence conferred upon me by Article 16 of Law No. 4/91 of 20 April; HEREBY DETERMINE:
Article 1 Financial Institutions and Currency Exchange Houses, when presented with foreign banknotes for exchange purposes that appear to be counterfeit, shall test them, in the presence of the client, using a counterfeit banknote detection machine with which they are equipped, and shall, in the event of confirmed counterfeiting, proceed as follows: 1- Retain the banknote(s) under those conditions, issuing an appropriate official receipt to the client, from which must necessarily appear: the client's identification and the characteristics of the banknote(s), namely the alphanumeric numbering and the year of issue; 2- Immediately proceed to send them to the National Bank of Angola - Banking Supervision Directorate, enclosed in correspondence of a confidential nature, from which must necessarily appear: the client's identification and the characteristics of the banknote(s), referred to in the preceding paragraph.
Article 2 After verification of the banknote(s) by the competent services of the National Bank of Angola, the following procedure shall apply: 1- If the counterfeiting is confirmed, the National Bank of Angola shall retain the banknote(s), informing the Financial Institution or Currency Exchange House through the Banking Supervision Directorate, which in turn shall notify the client of that confirmation;
- If the counterfeiting is not confirmed, the National Bank of Angola, through its Banking Supervision Directorate, shall return the banknote(s) to the Financial Institution or Currency Exchange House, which in turn shall return them to the respective client.
Article 3 This Notice enters into force immediately.
PUBLISH
Luanda, 18 March 1996
THE GOVERNOR ANTÓNIO GOMES FURTADO