Diário da República No. 185/2017 – Central Bank of São Tomé and Príncipe Permanent Application Norms 20/2017 and 21/2017

Thursday, 14 December 2017 Number 185
OFFICIAL GAZETTE
SUMMARY
CENTRAL BANK OF SÃO TOMÉ AND PRÍNCIPE
Permanent Application Norms - NAP No. 20/2017
Procedure for the Exchange of the Dobra in Banking Financial Institutions.
Permanent Application Norms - NAP No. 21/2017
Fixing the Exchange Rate of the “New Family of Dobra”.
SÃO TOMÉ AND PRÍNCIPE

2272 SÃO TOMÉ AND PRÍNCIPE - OFFICIAL GAZETTE No. 185 – 14 December 2017 CENTRAL BANK OF SÃO TOMÉ AND PRÍNCIPE Permanent Application Norms – NAP No. 20/2017 Subject: Procedure for the Exchange of the Dobra in Banking Financial Institutions. Pursuant to the provisions of paragraph b) of Article 3 of Legislative Decree No. 15/2017 dated 3 October, the Central Bank must define the procedures for replacing the Current Family of Dobra; Given the need to regulate the aforementioned exchange process; In these terms, under the powers established by paragraph 1 of Article 56 of Law No. 8/92 dated 3 August, supplemented by Article 19 of the aforementioned Legislative Decree, the Board of Directors of the Central Bank of São Tomé and Príncipe resolves as follows:

Article 1.
Subject
This NAP regulates the procedures to be observed by banking establishments in the exchange process of banknotes and coins from the Current Family of Dobra (Db) to the New Family of Dobra (nDb), during the period from 1 January to 30 June 2018.

Article 2.
Scope
This norm applies to banking financial institutions duly authorized by the Central Bank of São Tomé and Príncipe.

Article 3.
Rules

1. During the period from 1 January to 30 June 2018, banking financial institutions must accept from the public banknotes and coins of the Current Family of Dobra in exchange for banknotes and coins of the New Family, regardless of whether they are customers with an account domiciled at the bank or not.
2. Exceptionally, considering the specificity of the national economy, the period established in the preceding article may be extended by an additional three months, setting 30 September 2018 as the deadline for exchanging the Current Family of Dobra for the New Family of Dobra in banking financial institutions.
3. The exchange of banknotes and coins referred to in paragraph 1 may be carried out via deposit or physical exchange of banknotes and coins at banking financial institutions.

Article 4.
Legal Tender Status
From 30 June 2018, banknotes and coins of the Current Family of Dobra lose their legal tender status and are consequently withdrawn from circulation, not being accepted as a means of payment from that date onwards.

Central Bank of S.T.P. NAP
PERMANENT APPLICATION NORM
CODE: S.P 99
Proposer(s): C.A.
ENTRY INTO FORCE: 01/01/2018
ISSUE DATE: 08/12/2017
DOC NO.: 20/2017
PAGE: 1/3

2273 SÃO TOMÉ AND PRÍNCIPE - OFFICIAL GAZETTE No. 185 – 14 December 2017
Article 5.
Charges
In the exchange process referred to in this NAP, banking financial institutions may not impose any costs or charges on the public.

Article 6.
Amounts to be Exchanged
Banking financial institutions must accept from the holders of banknotes and coins referred to in the preceding articles all amounts held by them for exchange purposes, without neglecting the control mechanisms associated with this type of operation, namely identification documents.

Article 7.
Special Cases
In cases where the amount presented for exchange by a single person is equal to or greater than the value corresponding to Db. 245,000,000.00 (Two Hundred and Forty-Five Million Dobra), as defined in Law No. 8/2013 — Anti-Money Laundering and Counter-Terrorist Financing Law dated 15 October, banking financial institutions must:

1. Collect relevant identification regarding the interested party, namely:
   a) If an individual person:
   i. Identity Card or Passport;
   ii. Full address;
   iii. Profession and employer, if applicable;
   iv. Type, number, place, and date of issue of the identification document; and
   v. Tax identification number, if applicable.
   b) If a legal entity:
   i. Articles of association;
   ii. Company name or trade name;
   iii. Registered office;
   iv. Identification of persons representing the entity;
   v. Tax identification number.
2. In case of suspicion of money laundering, report to the competent authorities in accordance with the provisions of the aforementioned Law.

Article 8.
Verification of Authenticity of Banknotes and Coins During the exchange process, banking financial institutions must ensure adequate verification of the authenticity of banknotes and coins presented by the public, observing applicable security norms and procedures.

Article 9.
Control Mechanisms
Banking financial institutions must define internal control mechanisms that ensure compliance with this norm.

Article 10.
General Duty
Banking financial institutions must make efforts to persuade the public to deposit the values subject to exchange, taking into account the benefits regarding financial inclusion.

Article 11.
Entry into Force
This NAP enters into force on 1 January 2018.

Central Bank of São Tomé and Príncipe, 8 December 2017.

2274 SÃO TOMÉ AND PRÍNCIPE - OFFICIAL GAZETTE No. 185 – 14 December 2017 Permanent Application Norms - NAP No. 21/2017 Subject: Fixing the Exchange Rate of the “New Family of Dobra”. Considering the provisions set out in paragraph 3 of the sole article of NAP No. 011/2009 - Amendment to the Exchange Regime, and under Article 6 of Legislative Decree No. 32/99 - "Exchange Law", which confers upon the Central Bank of São Tomé and Príncipe the competence to regulate the functioning of the exchange market; Given the need to convert, into the New Family of Dobra, the value of the exchange rate between the Dobra and the Euro in force under Article 4 of Legislative Decree 11/2016 - "Creation of the Conversion Rate"; In these terms, the Board of Directors of the Central Bank of São Tomé and Príncipe resolves as follows:

Article 1.
Subject

1. This NAP fixes the buying exchange rate of the Euro at 24.50 Dobra.
2. The use of a rate different from that established in the preceding paragraph of this NAP is subject to the sanction provided for under current legislation.

Article 2.
Repealing Norm
This norm repeals NAP No. 17/2009, dated 31 December, after the end of the simultaneous circulation period, established on 30 June 2018.

Article 3.
Entry into Force
This NAP enters into force on 1 January 2018.

Central Bank of São Tomé and Príncipe, 8 December 2017.

OFFICIAL GAZETTE
NOTICE
Correspondence regarding the publication of announcements in the Official Gazette, its subscription or lack thereof, must be addressed to the Information and Reprography Center of the Ministry of Justice, Public Administration and Human Rights – Telephone: 2225693 - P.O. Box No. 901 – E-mail: cir@cstome.net São Tomé and Príncipe. - S. Tomé.

Central Bank of S.T.P. NAP
PERMANENT APPLICATION NORM
CODE: S.P 99
Proposer(s): C.A.
ENTRY INTO FORCE: 01/01/2018
ISSUE DATE: 08/12/2017
DOC NO.: 21/2017
PAGE: 1/1