Instruction No. 01/2020 of January 10 on Maximum Deadlines for Foreign Currency Sales and Associated Exchange Operations

---

INSTRUCTION NO. 01/2020 of January 10
SUBJECT: EXCHANGE POLICY

• Maximum Deadline for the Execution of Foreign Currency Sales and Associated Exchange Operations

Whereas it is necessary to establish rules for the timely execution of foreign currency sales and associated exchange operations, in order to ensure uniform treatment of said operations by Banking Financial Institutions; In the exercise of the competence conferred upon me by Article 28 of Law No. 5/97, of June 27 - Exchange Law, by paragraph k) of Article 90 of Law No. 12/15, of June 17 - Framework Law on Financial Institutions, and by paragraph b) of number 1 of Article 51 of Law No. 16/10, of July 15 – National Bank of Angola Law. I DETERMINE:

1. Object and Scope
   This Instruction establishes the maximum deadline for the execution of foreign currency sales and associated exchange operations, including international brand card top-ups, value transfers, payments, and unilateral or commercial remittances to abroad.

2. Deadline for Execution of Exchange Operations
   2.1. The Banking Financial Institution must execute the foreign currency sales and associated exchange operations of its clients within 5 (five) business days, counted from the date of receipt of the instruction, or from the dates specified in subpoints 2.2 and 2.3 of this Instruction, as applicable.
   2.2. When the instruction requires the submission of supporting documentation, the deadline begins to run from the date of delivery of the complete set of documents necessary for its validation and execution.
   2.3. When the instruction refers to the payment of an operation that requires licensing by the National Bank of Angola, which has not yet been granted, the deadline begins to run from the date of receipt of said licensing.
   2.4. Within the deadline referred to in subpoint 2.1 of this Instruction, the Banking Financial Institution must validate the legal compliance of said instruction, including the financial capacity of the ordering party.
   2.5. Banking Financial Institutions must always carry out the procedures provided for in the current exchange and anti-money laundering (AML) and counter-terrorist financing (CFT) regulations in order to ensure the legitimacy of the operation before its execution.
   2.6. Banking Financial Institutions that execute operations outside the deadlines established in this Instruction must justify, in writing, to their clients the reason for such.

3. Refusal of Execution of Exchange Operations
   3.1. The Banking Financial Institution may refuse the execution of exchange operations whenever it considers that it lacks the conditions to comply with its clients' instructions for any justified reason, including due to unavailability of exchange resources or lack of the client's financial capacity.
   3.2. The Institution shall only accept and register in the SINOC (National Single Window for Foreign Trade) operations for which it has a guarantee of availability of exchange coverage.
   3.3. In cases of refusal, the Financial Institution must notify the client, in writing, through the channel normally used by said client, including via document delivered in person, sent by post or electronic mail, internet, or mobile banking when this is the channel used by the client to request the operation, within a maximum of 3 (three) business days from the receipt of its instructions.

4. Execution of Exchange Operations
   4.1. The client is free to execute exchange operations at any Banking Financial Institution, provided that it has an open account there, the account opening process is complete and updated, and it can demonstrate financial capacity for the operation, thus being able to use an alternative Banking Financial Institution in cases where:
   a) The Banking Financial Institution from which the operation was initially requested lacks the capacity to execute it, as provided in subpoint 3.1 of this Instruction; or b) It does not accept the terms and conditions proposed in the negotiation of the exchange rate and commissions.

5. Complaints
   Whenever a Banking Financial Institution fails to execute its clients' instructions within the deadlines established in this Instruction and refuses to justify, in writing, the reasons for delayed processing or refusal of the operation, the client may notify the National Bank of Angola by contacting the Financial Conduct Department, via letter to: National Bank of Angola - Financial Conduct Department - 4 de Fevereiro Ave., No. 151 - Luanda; or via the e-mails/telephone contact listed below:

• atendimento.reclamacoes@bna.ao
• DCF@bna.ao
• Telephone: (+244) 222 679 226.

6. Sanctions
   Violation of the provisions contained in this Instruction is punishable by a pecuniary fine or other ancillary measure, in accordance with Law No. 12/15, of June 17 - Framework Law on Financial Institutions and complementary legislation.

7. Doubts and Omissions
   Doubts and omissions resulting from the interpretation and application of this Instruction are resolved by the National Bank of Angola.

8. Entry into Force
   This Instruction enters into force within 30 days after its publication.

PUBLISHED.
Luanda, January 10, 2020.
THE GOVERNOR
JOSÉ DE LIMA MASSANO