Regulatory Alerts2023-10-25
Directive No. 10/DOB/2023, dated October 23
The National Bank of Angola's Banking Operations Department issued Directive No. 10/DOB/2023 to require Banking Financial Institutions to submit updated authorized signature books and correspondent bank details for managing reserve accounts. The directive mandates periodic submissions by the last business day of each semester, alongside a five-business-day reporting window for executive body changes. Non-compliance constitutes a punishable offense under the General Regime of Financial Institutions Law, with all interpretive disputes resolved by the National Bank of Angola.
DIRECTIVE NO. 10/DOB/2023 ORIGIN: Banking Operations Department DATE 23/10/2023 SUBJECT: FINANCIAL SYSTEM
- Report of the authorized signature books of Banking Financial Institutions Given the need to establish an efficient control mechanism for reporting the authorized signature books, for account transactions, regarding the bank reserves established by Banking Financial Institutions with the National Bank of Angola; Pursuant to the combined provisions of Article 36 of Law No. 14/21, dated May 19, the General Regime of Financial Institutions Law, and Articles 25 and Paragraph 1 of Article 98, of Law No. 24/21, dated October 18, the National Bank of Angola Law; This Directive serves to establish the following:
- Banking Financial Institutions must submit by the last business day of each semester, to the National Bank of Angola, the updated signature books of their employees who have the authority to transact the established bank reserve accounts, as well as the details of their correspondent banks.
- Without prejudice to the preceding paragraph, whenever there is any change and/or transition of the executive body, Banking Financial Institutions must submit the updated signature book, within a maximum period of 5 business days from the date of such change. GOVERNOR
CONTINUATION OF DIRECTIVE NO. 10/2023 Page 2 of 2 3. For the purposes of this Directive, the signature book must contain the following information: a) Name; b) Position/Role; c) Signature; d) Email; e) Date; f) Department/Area; and g) Telephone terminal. 4. The signature book must be signed by the President of the Executive Committee of the Banking Financial Institution. 5. Under this Directive, the signature book information must be reported via the electronic mail address DOB@bna.ao. 6. Non-compliance with this Directive constitutes an offense stipulated and punishable, under Law No. 14/21, dated May 19, the General Regime of Financial Institutions Law. 7. Doubts and omissions resulting from the interpretation and application of this Directive are resolved by the National Bank of Angola. 8. This Directive enters into force on the date of its publication. Luanda, October 23, 2023. BANKING OPERATIONS DEPARTMENT
Dilma Correia Lopes Silvestre Paim -Director-