BANK OF ANGOLA

OFFICE OF THE GOVERNOR

NOTICE NO. 02/2012 of March 9

Whereas it is necessary to promote efficiency and transparency in the provision of payment services, contributing to increased confidence among users of the Angolan Payment System (SPA), and taking into account Notice No. 02/2011 of June 1, which establishes consumer protection rules for financial products and services in Angola;

Therefore, and in the exercise of the competence conferred upon me by paragraph 2 of Article 7 of Law No. 5/05 of July 29 – the Angolan Payment System Law, jointly with paragraph 2 of Article 4 of Law No. 13/05 of September 30 – the Financial Institutions Law;

I HEREBY DETERMINE:

Article 1. (Subject Matter)

This Notice establishes the timeframes for the execution of transfers and value remittances, as well as for the availability of funds to the beneficiary, resulting from cash deposits and standardized checks, transfers, or value remittances.

Article 2. (Scope)

1. The provisions of this Notice cover: a) Cash deposits and standardized checks; b) Intra-bank and inter-bank transfers; c) Value remittances.

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BANK OF ANGOLA

OFFICE OF THE GOVERNOR

2. With the exception of situations provided for in paragraph (a) of number 1, Article 4, and Article 7, this Notice applies to operations conducted in national currency.

Article 3. (Definitions)

1. For the purposes of this Notice, the following terms are understood as: a) Beneficiary – the final recipient of a deposit, transfer, or value remittance, to whom the monetary amount is made available; b) Standardized Check – a payment instrument that complies with the standards defined by Notice No. 03/2004 of June 23; c) Availability Date – the point in time from which the account holder may freely move deposited or transferred funds into their current deposit account, without being subject to interest charges for the mobilization of these funds; d) Cash/Check Deposit – the submission of banknotes/standardized checks for credit to a current deposit account, at an institution authorized by the BNA to perform said operation; e) Business Day – a weekday from Monday to Friday, excluding national holidays; f) Execution of a Value Remittance – the performance by the ordering bank financial institution, upon receipt of the instruction, through account credit or the availability of funds in cash or bank check to the beneficiary; g) Execution of a Transfer – the performance by the ordering bank financial institution or the Multicaixa network operator, upon receipt of the instruction, through credit to the beneficiary's account for intra-bank transfers, or by forwarding the instruction to the beneficiary's bank financial institution in the case of inter-bank transfers; h) Ordering Party – any natural or legal person who orders the execution of a transfer or value remittance in favor of a beneficiary; i) Value Remittance – all fund transfers that do not necessarily require the use of current deposit accounts by the ordering party and/or beneficiary.

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BANK OF ANGOLA

OFFICE OF THE GOVERNOR

j) Value Clearing Service (VCS) – a subsystem of the Angolan Payment System that ensures inter-bank clearing of checks.
k) Real-Time Gross Settlement System (RTGS) – a subsystem of the Angolan Payment System that enables inter-bank settlement of payment instructions in real time, transaction by transaction.
l) Credit Transfer Subsystem (CTS) – a subsystem of the Angolan Automated Clearing House that ensures inter-bank clearing of electronic credit transfers.
m) Transfer – a fund movement operation between current deposit accounts domiciled at a bank financial institution, initiated by an ordering party and intended to make monetary amounts available to a beneficiary; the same person may hold both the qualities of ordering party and beneficiary;
n) Inter-bank Transfer – a transfer involving two different bank financial institutions;
o) Intra-bank Transfer – a transfer that takes place between accounts domiciled at the same bank financial institution.

Article 4. (Execution of Transfers)

1. Bank financial institutions must execute the transfer instructions received from their clients within the following timeframes: a) On the day the instructions are validated, in the case of intra-bank transfers, in national or foreign currency. b) In the CTS clearing of the same day, for inter-bank transfers whose instructions are received by 15:00 on a business day, excluding those ordered through the Multicaixa network. c) In the CTS clearing of the following business day, for inter-bank transfers whose instructions are received after 15:00.

2. The instructions referred to in paragraph (a) of the preceding number must be validated on the same day.

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BANK OF ANGOLA

OFFICE OF THE GOVERNOR

3. The operator of the Multicaixa subsystem must include transfers ordered in this subsystem by 15:00 on a business day in the same-day clearing, or, for transfers ordered after 15:00, in the following business day's clearing.
4. Inter-bank transfers with an urgent character may be settled in the RTGS, provided that such settlement does not imply execution timeframes exceeding those of using the CTS.

Article 5. (Availability of Transfer Funds)

1. The value of intra-bank transfers must be made available to the beneficiary at the moment it is debited from the ordering party, in accordance with paragraph (a) of number 1 and number 2 of Article 4.
2. The value of inter-bank transfers must be made available to the beneficiary on the business day following their respective clearing.
3. For transfers settled individually in the RTGS, funds must be made available to the beneficiary within 30 (thirty) minutes after the settlement of the operation.

Article 6. (Value Remittances)

The ordering bank financial institution must execute value remittance instructions received from clients in accordance with paragraphs (b) and (c) of number 1 of Article 4, and the bank financial institution responsible for making funds available to the beneficiary must do so in accordance with number 2 of Article 5.

Article 7. (Cash Deposits)

1. Cash deposits made at the counter imply the immediate availability of the credit balance to the beneficiary.
2. The provisions of the preceding number also apply to deposits in foreign currency.

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BANK OF ANGOLA

OFFICE OF THE GOVERNOR

Article 8. (Standardized Check Deposits)

1. Standardized check deposits drawn on an account domiciled at the depositary bank financial institution imply the availability of the respective credit balance to the beneficiary on the day of deposit, provided that the drawn account has sufficient funds to cover the check.
2. Standardized check deposits drawn on an account domiciled at a bank financial institution distinct from the depositary imply the availability of the respective credit balance to the beneficiary by the end of the day corresponding to the expiration of the holding periods, as established in point 8.1 of Annex VIII of the VCS Regulation.

Article 9. (Movement of Available Funds)

The debiting of interest for the movement of funds made available under this Notice is prohibited.

Article 10. (Force Majeure Cases)

1. Without prejudice to provisions regarding the protection of the financial system against money laundering, which may prevent or limit the execution of operations regulated in this Notice, institutions are released from their obligations herein for reasons of force majeure, namely circumstances beyond their control, abnormal and unforeseeable, whose consequences they could not have avoided despite all efforts made.
2. Any insolvency or bankruptcy proceeding, under which a collective restructuring or liquidation measure limits, suspends, or terminates the fulfillment of obligations by the entity concerned, is not considered a force majeure reason.

Article 11. (Control and Internal Processes)

Bank financial institutions and the Multicaixa subsystem operator must implement control systems and internal processes that allow them to validate received instructions and deposits with adequate security levels, and ensure compliance with the timeframes defined in this Notice.

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BANK OF ANGOLA

OFFICE OF THE GOVERNOR

Article 12. (Offences)

Offences against the provisions of this Notice are punishable, in accordance with Law No. 5/05 of July 29, the Angolan Payment System Law, and Law No. 13/05 of September 30, the Financial Institutions Law.

Article 13. (Repeal)

All regulations contrary to the provisions of this Notice are hereby repealed.

Article 14. (Interpretation and Omissions)

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

Article 15. (Entry into Force)

This Notice enters into force 90 (ninety) days after its publication.

PUBLISH.

Luanda, March 9, 2012.

THE GOVERNOR

[Signature]

JOSÉ DE LIMA MASSANO