Notice 01/2023 - Opening, Handling and Closing of Bank Accounts

CONTINUED WARNING N.º 01/2023 Pág. 1 de 21 Published in the Official Gazette, Series I, No. 20, of 30 January NOTICE N° 01/2023 SUBJECT: FINANCIAL SYSTEM

• Opening, Handling and Closing of Bank Accounts
  Considering the evolution of the financial system, the foreign exchange market and the payment system; Taking into account the new legal and regulatory requirements, particularly on preventing and combating money laundering, the financing of terrorism and the proliferation of weapons of mass destruction; It is necessary to update the regulations governing the terms and conditions for opening, maintaining, operating and closing bank accounts; Under the terms of the combines provisions of article 36 of Law no. 14/21, of May 19, Law on the General Regime of Financial Institutions, of no. 4 of article 9 of Law no. /97, of 27 June, Foreign Exchange Law, paragraph a) of paragraph 2 of article 57 of Law no. Financing of Terrorism and Proliferation of Weapons of Mass Destruction,
  Article 31(f) and Article 98(1) of Law No. 24/21, 18th of October, Law of the National
  Bank of Angola.
  DETERMINED:
  Article 1
  (Object and Scope)
  This Notice establishes the rules that must be complied with by financial banking institutions based in Angola when opening, maintaining, operating and closing bank accounts, by natural and legal persons.

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Article 2
(Definitions) For the purpose of this Notice the following definitions apply:
a) Bank Account Opening: process by which the contract for account opening is celebrated between the customer and the Financial Institution. b) Customer: individual or legal person, national or foreign, resident or non-resident, public or private, who enters into an account opening contract with a Banking Financial Institution to whom the latter makes available, financial products and services. c) General Conditions: the general conditions that govern the relationship between the Banking Financial Institution and the customer, in what concerns the opening, maintenance, operation and closing of the account. d) Specific Conditions: the conditions agreed between the customer and the Banking Financial Institution for the operation of the account. e) Corporate Accounts: held by more than one person, which may be
i. Joint Accounts: may be operated by any of the holders, autonomously;
ii. Joint Accounts: can only be used with the simultaneous signature of all
holders;
iii. Mixed Accounts: allow different handling possibilities, according to the terms
defined by the holders with the Banking Financial Institution. f) Single Account: those accounts with a single holder. g) Account Opening Agreement: composed by the customer file, general conditions and special conditions, when applicable. h) Account Closure: process by which the contractual link between the customer and the Financial Institution is terminated. i) Customer Application Form: account opening forms where the identification and characterization data of the customer and the respective legal representatives are filled in, when applicable. j) Means of Distance Communication: any means of telephone, electronic, telematics or analogous nature that allow the establishment of business relations or the transmission of instructions or information, without the physical and simultaneous presence of the customer in the Banking Financial Institution. k) Account Activity: the account is operated through deposits, withdrawals and transfers.

CONTINUED WARNING N.º 01/2023 Pág. 3 de 21 l) Legal representatives: all persons with powers of legal representation in the relationship between the account holder and the Banking Financial Institution.
Article 3
(Opening of Accounts)

1. Individuals or corporate persons, residents and non-residents, may hold
   accounts in Angolan and/or foreign currency in Financial Banking Institutions based in Angola.
2. Minors may be holders of deposit accounts opened by their legal
   representatives.
3. Financial Banking Institutions shall ensure that accounts held by non-residents,
   regardless of their currency of denomination, are duly identified as such.
4. Opening of a bank account may be done with or without the physical presence
   of the customer.
5. Opening an account without the physical presence of the customer may be
   done through the exclusive use of means of distance communication; and
6. The opening of an account may also be done through third parties to whom
   such competence has been legally or contractually entrusted.
7. The initial delivery of funds as provided for in the preceding paragraph,
   originating from an account held by a person other than the client, shall only be accepted on presentation of a credible justification.
   Article 4
   (Duty of Identification and Diligence at the Time of Opening an Account)
8. Financial Institutions shall develop customer files to be filled by account
   opening applicants, which ensure the collection of all the necessary information to identify and characterize the customer and his representatives, when applicable, as well as to know the reason for opening the account.
9. Customer forms, once completed, shall be signed by the account holders and/or
   their representatives, as applicable.
10. In compliance with applicable special legislation, Banking Financial Institutions
    shall use biometric means to serve the signature function whenever customers do not know or are unable to sign.
11. The Banking Financial Institutions shall also require, for the purposes of
    Paragraph 5 of Article 3 of this Notice, that the initial delivery of funds is made by bank transfer that allows the identification of the payer, originating from an account opened with a Banking Financial Institution that has proven to apply measures for identification and due diligence of its customers.
    Article 5
    (Information to be provided to the Customer upon Opening an Account)

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1. Prior to opening bank accounts, Financial Institutions shall make available to
   customers or their legal representatives a copy of the general and specific terms and conditions of the account opening contract to be signed, and shall file evidence of such availability.
2. 2. The general terms and conditions for opening an account shall contain, as a
      minimum, information on the following matters, among other conditions that may govern the opening, maintenance, operation and closure of accounts:
      (a) Regime of ownership of bank account; b) Means of communication between the Financial Institution and the customer; c) Conditions for handling accounts; d) Means of account operation e) Conditions for debit and credit entries by the Financial Institution e) Conditions of debit and credit entries by the Banking Financial Institution; f) Treatment of customers' instructions and of processing errors; g) Clearing of credits; h) Duty of communication by the customer of changes in his identification details or other details provided to the Banking Financial Institution i) Handling of non-moving accounts; j) Processing of personal data; k) Terms, conditions and procedures for closing bank accounts k) Terms, conditions and procedures for closing bank accounts; l) General conditions for the rendering of payment services, including conditions for the processing of transfers ordered and received by the customers, execution time and value date, information to be provided to the customer about the processed operations, treatment of unauthorized or incorrectly executed operations and respective responsibilities of the Banking Financial Institution and of the customer, among other conditions; m) Duty of the Banking Financial Institution to inform the customer of alterations to the general and/or particular conditions and the deadlines for such.
3. 3. The Banking Financial Institutions must also provide the customer with an
      informative technical sheet in accordance with the regulations on information duties with respect to bank deposits.
      Article 6
      (Issue of Statements)

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1. Financial Banking Institutions shall provide their customers with statements of
   deposit accounts.
2. The statements shall be made available through the channels agreed upon
   between the Banking Financial Institution and the client, and the first copy shall be issued free of charge to the clients in accordance with the regulation on Exemption from Charging Commissions within the scope of Minimum Banking Services.
   Article 7
   (Dormant Accounts)
3. Dormant accounts are those accounts with no debit movement for a period of
   24 (twenty-four) months or more.
4. 2. The Banking Financial Institutions shall establish procedures to identify
      dormant accounts and apply restrictions to their debit movement in order to ensure the security of their customers' deposits
      Article 8
      (Account Handling)
      Accounts shall be maintained in accordance with the account operation regime agreed between the customer and the Financial Institution, in the general and specific terms and conditions and in compliance with the provisions of this Notice.
      Article 9
      (Operation of Accounts held by Minors)
5. Accounts held by minors may be operated by their legal representatives at the
   counter, through internet banking or debit card, when provided by the Financial Institution.
6. Without prejudice to the provisions of the preceding paragraph, minors above
   the age of 14 (fourteen) are permitted to use debit cards on their accounts, provided that they are requested to do so by their legal representatives, who shall sign a statement of responsibility in which they undertake to monitor the proper use of the card, account balances and periodic statements.
7. 3. Debit movements with the card are limited to maximum daily amounts
      agreed between the Financial Institution and the minor's legal representative when the card is requested.
8. In accounts held by minors, it is not allowed to contract credits or make
   available payment instruments that do not comply with the provisions of paragraph 2 of this article.
   Article 10

CONTINUED WARNING N.º 01/2023 Pág. 6 de 21 (Foreign Currency Account Transactions)

1. The operation of foreign currency accounts shall comply with the laws and
   regulations governing financial and capital exchange transactions, current invisibles, import and export of goods, including the regulations applicable to specific sectors.
2. Unless otherwise provided for in specific regulations, intrabank and interbank
   transfers, between accounts domiciled in Financial Banking Institutions in national territory, to the debit of accounts in foreign currency in favour of entities resident in national territory may only be executed in foreign currency in the following cases a) Between legal persons in a group relationship; b) Between individuals in a family relationship; and c) When the originator and the beneficiary are the same natural or legal person.
3. Except as provided for in specific regulations, credit in accounts denominated in
   foreign currency may not be granted to non-exporting entities.
   Article 11
   (Operation of Accounts Held by Deceased Persons)
4. Whenever Financial Institutions become aware of the death of one of their
   clients, they shall block the accounts held by the latter and only authorise their operation by the heirs upon presentation of legal documents authorising them to do so, namely, death certificates and certificate of proof of inheritance or other similar documents.
5. 2. The banking financial institutions shall make available to the heirs all
      information requested by them concerning the accounts of deceased account holders, provided that the quality of heir is proven, by submitting the documents referred to in the preceding paragraph.
6. Once the succession process is concluded, the Banking Financial Institutions
   shall close the account of their deceased client or change the holders of accounts jointly held by a deceased client, among other persons, transferring the amounts as defined in the succession process.
   Article 12
   (Handling of Accounts of Account Holders in Bankruptcy or Insolvency Proceedings) (Insolvency)

CONTINUED WARNING N.º 01/2023 Pág. 7 de 21 Financial Institutions, on becoming aware of bankruptcy or insolvency proceedings of an account holder domiciled in their institution, shall a) Proceed to block the debit of the respective account, regardless of whether it is a natural or legal account; and b) act as instructed by the competent judicial authorities.
Article 13
(Closing of Accounts)

1. Bank accounts may be closed at the request of their holders or legal
   representatives, or at the initiative of the Banking Financial Institution, in accordance with this Article.
2. Closing an account on the initiative of customers depends on the instruction of
   all account holders or their legal representatives, indicating the destination to be given to any balance deposited in the account.
3. 3. The Financial Institution reserves the right not to close the account in case
      there is, among others, the existence of
      (a) a debit balance in favour of the Banking Financial Institution, of outstanding orders or operations or of outstanding liabilities of the customer to the latter; and, b) A judicial imposition or legal impossibility.
4. 4. The Financial Institutions may close accounts, for which purpose they shall
      notify the client at least sixty (60) days prior to the date set for the closure.
5. The Financial Institutions may close clients' accounts with immediate effect in
   the following situations, among others
   (a) falsehood or inaccuracy in the information provided by the customer to the a) False or inaccurate information provided by the customer to the Banking Financial Institution; b) Non-compliance with contractual conditions by the account holders or their legal representatives, including the incorrect use of the means of payment; c) The impossibility to comply with the requirements of the applicable legislation and (c) failure to comply with the requirements of applicable legislation and regulations regarding identification and due diligence; d) The risk profile of the client under the terms of the applicable laws and regulations becomes incompatible with the risk appetite of the Financial Institution Banking Financial Institution;

CONTINUED WARNING N.º 01/2023 Pág. 8 de 21 e) By dissolution of a legal person; and f) By imposition of judicial or administrative authority.
6. 6. Closing the account implies the immediate cancellation of all the means of
account operation that have been delivered to the client, who must proceed with their destruction or delivery to the Banking Financial Institution at the time of account closure.
7. If the customer does not withdraw or transfer the available balance in the
account by the date of its closure, nor issue an instruction as to the destination of the funds at the time of closure, the Banking Financial Institution may transfer the funds to an internal funds to an internal book-keeping account pending receipt of the customer's instructions for transfer or withdrawal.
8. 8. The Banking Financial Institutions must close accounts without debit or credit
movements within a period of fifteen (15) years, and this process must be preceded by all legal steps in order to contact the holder or eventual heirs, by means of publication of notices in the most widely circulated newspaper in the country, to express their opposition to the financial institution's claim.
9. If there is no opposition, under the terms of the previous number, the amount
deposited in the bank account to be closed shall revert to the State, under the terms of Decree-Law no. 187/70, of 30 April, on the Prescription Regime of Certain Assets Abandoned by their Owners in Favour of the State.
Article 14
(Transitional Provision)
(Transitional Provision)
The Banking Financial Institutions shall comply with the provisions of this Notice 90 (ninety) days after its publication.
Article 15 °
(Infringements)
Non-compliance with the provisions set out in the present Notice shall be punishable under the terms of the following legislation (a) Law No. 14/21 of 19 May, Law on the General Regime of Financial Institutions

CONTINUED WARNING N.º 01/2023 Pág. 9 de 21 Institutions; b) Law No. 05/20 of 27 January, Law on the Prevention and Combat of Money Laundering, Terrorist Financing and Proliferation of Weapons of Mass Destruction c) Law No. 5/97 of 27 June, Foreign Exchange Law; and d) Other applicable legislation.
Article 16
(Doubts and Omissions)
The doubts and omissions arising from the interpretation and application of this Notice shall be settled by the National Bank of Angola.
Article 17
(Revocation)
Notice no. 03/2009, of 5 June, Notice no. 10/2016, of 5 September and Notice no. 02/2017, of 3 February, as well as all rules that contradict the provisions of this Notice, are hereby revoked.
Article 18
(Entry into Force)
This Notice shall enter into force on the day following its publication. PUBLISHED Luanda, 26 January 2022. THE GOVERNOR JOSÉ DE LIMA MASSANO
ANNEX I

CONTINUED WARNING N.º 01/2023 Pág. 10 de 21 Bank Account Opening Form I. Collection of Information Regarding Clients The identification obligations below apply not only to new customers of the Institution, but should also apply to existing customers, depending on the assessment of the risk of money laundering, financing of terrorism and proliferation of weapons of mass destruction associated with them. In this sense, the fields delimited are the minimum required by current regulations, and the Institutions may request additional information that they deem relevant for the adequate assessment of the customer's risk profile. The Institutions should collect and keep all the records on customers for a minimum period of 10 (ten) years, and also ensure that the records are available in a timely manner so that the competent authority may consult them if it deems necessary. If there is any doubt as to the true identity of the customer and, if applicable, the legal representative or beneficial owner, which cannot be resolved satisfactorily, the Institution should refuse to carry out any transactions.

1. Personal identification
   Full Name Signature
   Date of Birth Nationality Place of birth
   Full address of usual residence (including a reference point) Full address of alternative residence (including a reference point) Profession/occupation and employer, if applicable

CONTINUED WARNING N.º 01/2023 Pág. 11 de 21 Name of identification document used Identification number Date of expiry of the identification document Entity that issued the identification document Nature and amount of income Tax Identification Number National or foreign individuals who perform, or have performed, prominent public functions in Angola, or in any other country or jurisdiction or in any international organization, in accordance with Article 3 of Law No. 05/20, of 27 January. 2 The following are considered:
I. High offices of a political or public nature:

1. Head of State;
2. Holder of the Executive Power;
3. Vice-President
4. Members of the Government, namely Ministers of State, Ministers, Secretaries of
   State, Governors, Vice- Governors, Municipal Administrators and the Mayors
5. Members of Parliament or Members of Parliamentary Chambers;
6. Magistrates of higher courts and members of the Superior Council of the Judiciary,
   whose decisions cannot be appealed, save in exceptional circumstances;
7. Members of the management and supervisory bodies of the National Bank of
   Angola;
8. Heads of diplomatic missions and consular posts;
9. High-ranking officers of the Armed Forces and Police;
10. Members of the management and supervisory bodies of public companies and
    public limited companies with an exclusive or majority public capital, public institutes, foundations and public funds, public establishments, whatever their mode of appointment, including the management bodies of companies belonging to the entrepreneurial and local sectors
11. Members of the executive bodies of organisations governed by international law.
    II. Close Family Members
12. Spouse or persons with whom they are living in a de facto union;
13. Parents, children and their spouses or persons with whom they live in a de facto
    union.
    III. People who are known to have a corporate or commercial relationship with them:

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1. Any natural person, who is known to be the joint owner with the holder of political
   or public office of a legal person, a collective interest centre without legal personality or who has close business relations with it;
2. Any natural person who owns the share capital or the voting rights of a legal
   person or the property of a legal arrangement, which is known to have as its sole beneficial owner the holder of the high political or public office.
   1.1. Sole traders (in addition to the above information, the following
   should also be completed):
   Full company name
   Head Office Address.
   Tax Identification Number (NIF) Social Purpose Amount of Income Sustainability Report
3. Identification of legal persons - also applies to condominiums of properties
   under horizontal property regime and independent properties Full company name Corporate objective and business purpose Head Office Address

CONTINUED WARNING N.º 01/2023 Pág. 13 de 21 Identity of the holders of stakes in the capital and voting rights of the legal entity of a value equal to or greater than 20% Identity of the proxies of the legal entity and their mandate
2.1. Non-profit organisations (in addition to the above information,
this must also be completed):
3
. This field should be completed by also filling in the beneficial owner section Geographical location Organisational structure Nature of donations and volunteering Nature of funds and expenditure, including information on beneficiaries
3. Charities without legal personality, church organs or places of
worship
Full name
Tax Identification Number (NIF) Commercial register registration number

CONTINUED WARNING N.º 01/2023 Pág. 14 de 21 Nature and purpose of the organisation's activities Names of all managers Names or classes of beneficiaries
4. Actual beneficiary
Full name Signature
Date of Birth Nationality Place of birth
Full address of usual residence (including a reference point) Occupation/occupation and employer, if applicable Address. . Number of the document proving its legalisation by the state authorities

CONTINUED WARNING N.º 01/2023 Pág. 15 de 21 Name of identification Used. Identification Number Date of expiry of the identification document. Entity that issued the identification document Nature and amount of income Tax Identification Number
II. Documents to be requested from the client
The information presented must be verified by means of the presentation of the documents listed, which contain all the records that must be kept in the form of physical documents and any technological process under the terms to be established by the National Bank of Angola and maintained by the Institution for a minimum period of 10 (ten) years.

1. Individuals
   Full Name Residents - identity card or resident card issued by the competent authority, showing photograph, full name, date of birth and nationality; Non-residents - passport, except for non-residents of Angolan nationality upon presentation of an identity card bearing a photograph, full name, date of birth and nationality. When establishing the business relationship in the name of minors who, due to their age, do not hold any of the documents referred to above, the proof of the respective identification elements of the minor shall be made in the following manner:

CONTINUED WARNING N.º 01/2023 Pág. 16 de 21

.
.
Tax Identification Number
2. Legal Persons
Full company name;
Resident - displaying a personal identity card; or Non-resident - by an equivalent public document, to be presented by the person who demonstrates legitimacy as their legal representative for the establishment of the business relationship. Full address of usual residence (including a reference point) Occupation/occupation and employer, if applicable. Documents, means or steps considered valid, appropriate and sufficient for the demonstration of the information provided. Tax identification card or equivalent issued by the General Tax Administration. Resident legal persons:
Certificate of commercial registration issued by the Commercial Registry or other public document of proof, namely the copy of the Diario da Republica (Official Gazette of the Republic) or a copy that has purchased the publication on the official site of the competent public entity, containing the publication of the states or a notary's certificate of the deed of incorporation.

CONTINUED WARNING N.º 01/2023 Pág. 17 de 21 Non-resident legal persons:
Proof of commercial registration or other valid public document, duly certified by the competent authorities of the country of residence and authenticated by the Angolan consular representation in the country of origin. Tax Identification Number (NIF) Tax Identification Card or equivalent issued by the General Tax Administration. Identity of the holders of stakes in the capital and voting rights of the legal person of a value equal to or greater than 20% Minutes of the Constituent General Meeting as well as the minutes of the alteration to the shareholder or member structure. Identity of the proxies of the legal entity and their mandate. Written declaration issued by the legal person itself, containing the names of the members of the management bodies, proxies and representatives.

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3. Actual beneficiary
Full Name

• Authenticated document confirming the identity
  of the beneficial owner:
  Residents - Identity card or resident card issued by the competent authority, containing a photograph, full name, date of birth and nationality;

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• Non-residents- passport, with the
  exception of foreign exchange residents of Angolan nationality on presentation of an identity card containing a photograph, full name, date of birth and nationality. When establishing the business relationship on behalf of minors who, due to their age, do not hold any of the documents referred to above, the proof of identification of the minor shall be made in the following manner:
• Resident- display of personal
  ID, Identification Card
• • Non-residents- by an
    equivalent public document, to be presented by the person who shows legitimacy as his/her legal representative for the establishment of the business relationship, and the respective identity of the same must be verified at the beginning of the business relationship.

CONTINUED WARNING N.º 01/2023 Pág. 20 de 21 Full address of usual residence (including a reference point). Profession/occupation and employer, applicable. Any documents, means or steps considered valid, appropriate and sufficient for the demonstration of the information provided. Copy of the trust or partnership agreement, or other equivalent document Minutes of the Constituent General Meeting as well as the minutes of the alteration to the shareholder or member structure Other reliable information, which is publicly available and considered relevant by the Financial Institution Tax Identification Number Tax identification card or equivalent issued by the General Tax Administration

CONTINUED WARNING N.º 01/2023 Pág. 21 de 21