Regulatory Alerts2019-12-26
Directive No. 12/DCF/DRO/2019 on Consumer Protection for Financial Products and Services
The Financial Conduct Department and the Regulation and System Organization Department of the National Bank of Angola issued Directive No. 12/DCF/DRO/2019 to strengthen consumer protection for financial products and services. The directive mandates that banking financial institutions notify clients in writing within two business days when unable to execute account movement instructions, clearly stating the reasons and ensuring compliance with existing anti-money laundering and terrorist financing reporting thresholds. Non-compliance constitutes a punishable offense under the Basic Law on Financial Institutions, with all interpretive disputes resolved by the National Bank of Angola.
CONTINUATION OF DIRECTIVE NO. 12/DRO/DCF/2019 Page 1 of 2 GOVERNOR DIRECTIVE NO. 12/DCF/DRO/2019 ORIGEM: Financial Conduct Department (FCD) Regulation and System Organization Department of the Financial Sector (DRO) DATA 27/12/2019 ASSUNTO: Consumer Protection for Financial Products and Services In order to ensure consumer protection for financial services, as provided in Notices No. 03/2009 of May 18, No. 09/2017 of September 12 and No. 04/2018 of March 7, regarding the opening and movement of bank accounts by domestic and foreign exchange residents and the execution of operations ordered by banking customers, as well as in the Communication of July 12, 2019, regarding the movement of accounts for individual clients in foreign currency, applicable also, for the purposes of this Directive, to clients, legal entities. This Directive serves to establish the following:
- Banking Financial Institutions unable, for any reason, to comply with the account movement instructions of their clients in accordance with the regulation referenced in this Directive, including cash withdrawals, must, for this purpose, notify the respective client, within two business days and in writing, counted from the date of receipt of the instruction.
- For the purposes of the preceding paragraph, the notification must clarify, objectively, the reasons preventing compliance with the orders or instructions given by the client, ensuring, meanwhile, in the case of operations suspected of money laundering or terrorist financing, compliance with the provisions in the relevant legislation and regulation currently in force, including reporting to the Financial Information Unit, of all cash movements, regardless of currency, with a value higher than established in the referenced legislation and regulation.
CONTINUATION OF DIRECTIVE NO. 12/DRO/DCF/2019 Page 2 of 2 3. Non-compliance with the provisions of this Directive constitutes an offense provided for and punishable under the Basic Law on Financial Institutions. 4. Doubts and omissions resulting from the interpretation and application of this Directive are resolved by the National Bank of Angola. 5. This Directive enters into force on the date of its publication. Luanda, December 27, 2019. FINANCIAL CONDUCT DEPARTMENT
Osvaldo Manuel Pedro dos Santos -Director- REGULATION AND SYSTEM ORGANIZATION DEPARTMENT OF THE FINANCIAL SECTOR
Carla Marisa Rodrigues Madeira Gomes -Director-