Instruction No. 02/2014 on Registration in SINOC of Current Invisible Operations

INSTRUCTION NO. 02/2014 of March 19
SUBJECT: REGISTRATION IN SINOC OF CURRENT INVISIBLE OPERATIONS Considering the provisions of Articles 11 and 27 of Notice No. 13/13 dated August 6, issued by the Banco Nacional de Angola, regarding the rules and procedures to be observed in carrying out current invisible foreign exchange operations; Given the need to adopt transitional measures related to the registration of operations while the adjustment process of the Integrated Foreign Exchange Operations System (SINOC) is underway; In exercise of the authority conferred upon me by Article 51(1)(d) of Law No. 16/10 dated July 15 – the Banco Nacional de Angola Law; I HEREBY DETERMINE:

1. For the registration of operations and contracts exempt from prior licensing by the Banco Nacional de Angola, in accordance with Articles 9 and 22 of Notice No. 13/13 dated August 6, as well as other operations whose procedures require additional instructions, banking financial institutions must observe the specifications contained in the table attached to this Instruction and comply with the following provisions:

1.1. Operations ordered by foreign airlines, transfers for the compensation of remittance services, and transfers made by embassies, diplomatic missions, and consulates must be registered in SINOC, with each transfer request treated as a contract:
a) The information contained in the payment instruction must be used for contract registration, and its amount must equally be used for operation registration; b) Regarding the documents to be attached as a mandatory substitute for the contract, the payment instruction must also be used.

1.2. Travel agencies acting in official representation of foreign airlines, when making transfers to the companies they represent, must receive treatment equivalent to that of Airlines, as defined in No. 5 of the Annex to this Instruction.

1.3. Contracts without a defined total value, referred to in Article 18(3)(j) of Notice No. 13/13 dated August 6, or with variable remuneration, must be registered at their estimated value during the validity period, with detailed information regarding the basis of estimates attached.

1.4. For the registration of transfer operations for compensation of remittance services, the tax identification number (NIF) to be considered must be that of the financial institution providing remittance services, and in the case of agency entities, the NIF of the contracting banking financial institutions must be used.

1.5. The registration of operations related to travel, provided for in Article 14(a) and Articles 15(1)(a) and (b) of Notice No. 13/13 dated August 6, must be carried out in SINOC, considering the following:
a) Whether involving the full utilization of the limit established in a single operation or partial utilization, each executed operation (foreign check, sale of banknotes and/or foreign currency for transfer purposes) must be registered as a contract; b) The documents to be attached as a mandatory substitute for the contract must be travel documents (visa, if applicable, and ticket); c) For completing the "country" and "beneficiary domicile" fields, the travel destination country must be selected; d) When concerning official travel or training of employees of public or private entities, the applicant must be the employing entity, with the beneficiary being the person undertaking the travel; e) Banking financial institutions must maintain internal control mechanisms, considering that the limit allocated for travel, amounting to Kz 25,000,000.00 (Twenty-Five Million Kwanzas), cumulatively includes both personal travel and official/training travel for employees of public or private entities; f) For the purpose of monitoring the aforementioned limit, banking financial institutions must consider all operations already executed during the calendar year.

1.6. The registration of operations related to family support and others provided for in Article 15(1)(c) of Notice No. 13/13 dated August 6, must be carried out in SINOC, considering the following:
a) In substitution for the contract, documents supporting each type of operation must be used, in accordance with the Annex to Notice No. 13/13, except for casual transfers up to Kz 200,000.00 (Two Hundred Thousand Kwanzas) designated as "other private transfers," which may be exempt from presenting supporting operation documents. In this case, the remitter must declare the reason for the transfer in the respective banking instruction form for statistical purposes; b) Banking financial institutions must maintain internal control mechanisms, considering that the amount allocated for transfers provided for in Article 15(1)(c) of Notice No. 13/13 dated August 6, amounting to Kz 12,000,000.00 (Twelve Million Kwanzas), includes all private transfers not covered by the other provisions of Articles 14 and 15 of Notice No. 13/13 dated August 6.

1.7. To complete the "start date," "contract end date," and "invoice date" fields in SINOC for operations referred to in Nos. 1.1, 1.2, 1.4, 1.5, and 1.6 of this Instruction, the date of operation execution must be used.

1.8. For the registration of reinsurance operations provided for in Article 18(3)(e) of Notice No. 13/13 dated August 6, the contract value to be registered and the documents to be attached as specified in Section III, E. No. 4 of the Annex to Notice No. 13/13 dated August 6, must consider the nature of the Reinsurance contract.

1.8.1. For reinsurance with facultative coverages, the contract value to be considered is the ceded premium amount, and the documents to be attached may be replaced by the following:
a) Copy of the insurance policy or cover note; b) Debit note from the reinsurer; c) Document confirming communication to the Angolan entity responsible for supervising insurance activities, if the operation value exceeds Kz 100,000,000.00 (One Hundred Million Kwanzas).

1.8.2. For proportional and non-proportional reinsurance treaties, the contract value to be considered is the estimated annual treaty amount, and the documents to be attached may be replaced by the following:
a) Copy of the Reinsurance Treaty and its respective summary in Portuguese; b) Debit note from the reinsurer; c) Document, which may be annual, confirming communication to the Angolan entity responsible for supervising insurance activities.

1.8.3. The requirement of Section III, E. No. 4 of the Annex to Notice No. 13/13 is considered fulfilled upon submission of the documents referred to in Nos. 1.8.1(a) and 1.8.2(a) of this Instruction.

2. For the registration of contract amendments in SINOC, embodied in changes or extensions of timeframes and/or total contract value, the following must be considered:
   a) The two extension fields, specifically date and amount, are mandatory; b) In case of a contract value change only, the amount inserted in the "extension" field must consider the sum of the initial contract value plus the amendment value, retaining the initial contract date and vice versa; c) In case of a contract term change, for registration purposes, the "start date" must be that of the original contract and the "contract end date" must be that of the amendment termination.

3. Doubts and omissions resulting from the interpretation and application of this Instruction are resolved by the Banco Nacional de Angola.
   This Instruction takes effect immediately.
   PUBLISHED:
   Luanda, March 19, 2014.

THE GOVERNOR
JOSÉ DE LIMA MASSANO