Notice No. 01/2023 of 30 January on the Financial System - Opening, Operation, and Closure of Bank Accounts

Published in the Official Gazette, First Series, No. 20, of 30 January NOTICE NO. 01/2023 SUBJECT: FINANCIAL SYSTEM

• Opening, Operation, and Closure of Bank Accounts

Considering the evolution of the financial system, the foreign exchange market, and the payment system; Taking into account new legal and regulatory requirements, particularly regarding the prevention and combating of money laundering, terrorist financing, and the proliferation of weapons of mass destruction; It is necessary to update the regulation governing the terms and conditions for the opening, maintenance, operation, and closure of bank accounts; Therefore, under the combined provisions of Article 36 of Law No. 14/21 of 19 May, General Regime of Financial Institutions Law, paragraph 4 of Article 9 of Law No. 5/97 of 27 June, Foreign Exchange Law, subparagraph a) of paragraph 2 of Article 57 of Law No. 5/20 of 27 January, Law on the Prevention and Combating of Money Laundering, Terrorist Financing, and Proliferation of Weapons of Mass Destruction, subparagraph f) of Article 31 and paragraph 1 of Article 98 of Law No. 24/21 of 18 October, National Bank of Angola Law. I DETERMINE:

Artigo 1.º
(Object and Scope)
The present Notice establishes the rules that must be complied with by Banking Financial Institutions headquartered in Angola, when opening, maintaining, operating, and closing bank accounts, for natural and legal persons.

CONTINUATION OF NOTICE NO. 01/2023 Page 2 of 20 operating, and closing bank accounts, for natural and legal persons.
Artigo 2.º
(Definitions)
For the purposes of this Notice, the following shall be understood as:
a) Bank Account Opening: the process by which the account opening contract is concluded between the client and the Banking Financial Institution. b) Client: a natural or legal person, national or foreign, resident or non-resident, public or private, who concludes an account opening contract with a Banking Financial Institution, which makes financial products and services available to them. c) General Conditions: the general conditions governing the relationship between the Banking Financial Institution and the client, regarding the opening, maintenance, operation, and closure of the account. d) Particular Conditions: the conditions agreed between the client and the Banking Financial Institution for the operation of the account. e) Joint Accounts: accounts held by more than one person, which may be:
i. Joint and Several Accounts: may be operated by any of the holders, independently;
ii. Joint Accounts: may only be operated through the simultaneous signature of all holders;
iii. Mixed Accounts: allow different possibilities of operation, as defined by the holders with the Banking Financial Institution.
f) Single Accounts: those with a single holder. g) Account Opening Contract: constituted by the client form, the general conditions, and the particular conditions, where applicable. h) Account Closure: the process by which the contractual relationship between the client and the Banking Financial Institution is terminated.

CONTINUATION OF NOTICE NO. 01/2023 Page 3 of 20 i) Client Form: account opening forms where the identification and characterization data of the client and their legal representatives, where applicable, are filled in. j) Remote Communication Means: any telephone, electronic, telematic, or analogous communication means that allows the establishment of business relationships or the transmission of instructions or information, without the physical and simultaneous presence of the client at the Banking Financial Institution. k) Account Operation: the account is operated through deposits, withdrawals, and transfers. l) Legal Representatives: all persons with legal representation powers in the relationship between the account holder and the Banking Financial Institution. Artigo 3.º (Opening of Accounts)

1. Natural or legal persons, resident and non-resident, may be holders of accounts in national and/or foreign currency at Banking Financial Institutions headquartered in Angola.
2. Minors may be holders of deposit accounts, opened by their legal representatives.
3. Banking Financial Institutions must ensure that accounts held by non-residents, regardless of their denomination currency, are duly identified as such.
4. The opening of a bank account may be carried out with or without the physical presence of the client.
5. The opening of an account without the physical presence of the client may be carried out, exclusively through the use of remote communication means; and
6. Account opening may also be conducted through third-party entities to whom this competence has been legally or contractually assigned.
7. The initial deposit of funds referred to in the previous paragraph, originating from an account held by a person other than the client, shall only be accepted upon presentation of a credible justification.

CONTINUATION OF NOTICE NO. 01/2023 Page 4 of 20 Artigo 4.º (Duty of Identification and Due Diligence at the Time of Account Opening)

1. Banking Financial Institutions must develop client forms to be filled in by account opening applicants, ensuring the collection of all information necessary to identify and characterize the client and their representatives, where applicable, as well as to understand the reason for opening the account.
2. Once filled in, client forms must be signed by the account holders and/or their representatives, as applicable.
3. In compliance with applicable special legislation, Banking Financial Institutions must use biometric means to serve the function of a signature whenever clients do not know how or cannot sign.
4. Banking Financial Institutions must also require, for the purposes of Article 3, paragraph 5 of this Notice, that the initial deposit of funds be made through a bank transfer that allows the identification of the originator, originating from an account opened with a Banking Financial Institution that demonstrably applies client identification and due diligence measures.
   Artigo 5.º
   (Information to be Provided to the Client at the Time of Account Opening)
5. Banking Financial Institutions must, prior to opening bank accounts, provide clients or their legal representatives with a copy of the general and particular conditions of the account opening contract to be concluded, and must archive evidence of its provision.
6. The general conditions of account opening must contain, at a minimum, information on the following topics, among other conditions that may govern the opening, maintenance, operation, and closure of accounts:
   a) Account ownership regime; b) Communication means between the Banking Financial Institution and the client;

c) Account operation conditions; d) Account operation means; e) Conditions for debits and credits posted by the Banking Financial Institution; f) Handling of client instructions and errors in processing; g) Credit offsetting; h) Client's duty to communicate changes to their identification elements or other information provided to the Banking Financial Institution; i) Handling of accounts with no activity; j) Processing of personal data; k) Terms, conditions, and procedures for closing bank accounts; l) General conditions for providing payment services, including conditions for processing ordered and received transfers by clients, execution deadlines and value dates, information to be provided to the client on processed operations, handling of unauthorized or incorrectly executed operations, and respective responsibilities of the Banking Financial Institution and the client, among other conditions; m) Duty of the Banking Financial Institution to inform the client of changes to the general and/or particular conditions and the deadlines for doing so.
3. Banking Financial Institutions must also provide the client with an informative technical sheet in accordance with the regulation on Information Duties regarding bank deposits.

CONTINUATION OF NOTICE NO. 01/2023 Page 5 of 20 Artigo 6.º (Issuance of Statements)

1. Banking Financial Institutions must provide their clients with statements of deposit accounts.
2. Statements must be provided through channels agreed between the Banking Financial Institution and the client, with the first copy being issued free of charge to clients, in accordance with the regulation on the Exemption from Charging Fees for Minimum Banking Services.
   Artigo 7.º
   (Dormant Accounts)
3. Dormant accounts are considered to be accounts with no debit activity for a period equal to or greater than 24 (twenty-four) months.
4. Banking Financial Institutions must establish procedures to identify dormant accounts and apply restrictions to their debit operation to ensure the security of their clients' deposits.
   Artigo 8.º
   (Account Operation)
   Account operation must be carried out, considering the operation regime agreed between the client and the Banking Financial Institution, under the general and particular conditions, respecting the provisions of this Notice. Artigo 9.º (Operation of Accounts Held by Minors)
5. The operation of accounts held by minors is carried out by their legal representatives, at the counter, through internet banking, or debit card, when made available by the Banking Financial Institution.
6. Without prejudice to the preceding paragraph, it is permitted to issue a debit card on a minor's account from the age of 14 (fourteen), provided it is requested by the legal representative, who must sign a liability statement committing to monitor the correct use of the card, account balances, and periodic statements.
7. Debit transactions with the card are limited to maximum daily values agreed between the Banking Financial Institution and the legal representative of the minor at the time of card request.
8. For accounts held by minors, the contracting of credit or provision of payment instruments that do not comply with the provisions of paragraph 2 of this Article is not permitted.

CONTINUATION OF NOTICE NO. 01/2023 Page 6 of 20 Artigo 10.º (Operation of Accounts in Foreign Currency)

1. The operation of accounts in foreign currency must comply with the legislation and regulation governing financial foreign exchange and capital operations, invisible current transactions, import and export of goods, including regulation applicable to specific sectors.
2. Unless otherwise provided in specific regulation, intrabank and interbank transfers, between accounts domiciled at Banking Financial Institutions within national territory, debited from foreign currency accounts in favor 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 natural persons in a family relationship; and c) When the originator and the beneficiary are the same natural or legal person.
3. Unless otherwise provided in specific regulation, granting credit on accounts denominated in foreign currency in favor of non-exporting entities is not permitted.
   Artigo 11.º
   (Operation of Accounts Held by Deceased Persons)
4. Whenever Banking Financial Institutions become aware of the death of one of their clients, they must block the debit of accounts held by them, and only authorize their operation by heirs, upon presentation of legal documents conferring authorization for such, namely, death certificates and letters of inheritance, or equivalent documents.
5. Banking Financial Institutions must provide heirs with all information requested by them regarding the accounts of deceased holders, provided the quality of heir is proven through the presentation of the documents referred to in the previous paragraph.
6. Once the succession process is concluded, Banking Financial Institutions must close the account of their deceased client, or change the holders of accounts co-held by a deceased client with other persons, transferring the values as defined in the succession process.

CONTINUATION OF NOTICE NO. 01/2023 Page 7 of 20 Artigo 12.º (Operation of Accounts of Holders in Bankruptcy or Insolvency Proceedings) Banking Financial Institutions, upon becoming aware of a bankruptcy or insolvency process of a holder of an account domiciled at their Institution, must:
a) Proceed to block the debit of the respective account, regardless of whether it is a single or joint account; and, b) Act in accordance with instructions from the competent judicial authorities. Artigo 13.º (Closure 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, under the terms of this Article.
2. Account closure at the clients' initiative depends on the instruction of all holders or their legal representatives, indicating the destination to be given to any balance deposited in the account.
3. The Banking Financial Institution reserves the right not to close the account, in the event of, among others, the existence of:
   a) A debtor balance in favor of the Banking Financial Institution, pending orders or operations, or client liabilities to be settled with it; and, b) A judicial imposition or legal impossibility.
4. Banking Financial Institutions may proceed with account closure, for which they must notify the client at least 60 (sixty) days in advance of the date set for closure.
5. Banking Financial Institutions may close client accounts with immediate effect, upon verification of, among others, the following situations:
   a) Falsity or inaccuracy in information provided by the client to the Banking Financial Institution; b) Breach of contractual conditions by the holders or their legal representatives, including incorrect use of payment means; c) Inability to comply with identification and due diligence requirements of applicable legislation and regulation; d) The client's risk profile, under applicable legislation and regulation, becomes incompatible with the Banking Financial Institution's risk appetite; e) By the extinction of a legal person; and, f) By imposition of a judicial or administrative authority.
6. Account closure implies the immediate cancellation of all means of operation delivered to the client, who must proceed to destroy or return them to the Banking Financial Institution at the time of account closure.
7. If the client does not withdraw or transfer the available balance in the account by the date of its closure, nor issue an instruction on the destination to be given to the funds at the time of closure, the Banking Financial Institution may transfer the funds to an internal accounting account, until receiving the client's instructions for their transfer or withdrawal.

CONTINUATION OF NOTICE NO. 01/2023 Page 8 of 20
8. Banking Financial Institutions must close accounts with no debit or credit activity within a period of 15 (fifteen) years, this process being preceded by all legal diligence aimed at contacting the holder or potential heirs, through publication of notices in the country's most widely circulated newspaper, to express opposition to the financial institution's claim.
9. In the absence of opposition, under the preceding paragraph, the deposited value in the bank account to be closed shall revert to the State, in accordance with Decree-Law No. 187/70 of 30 April, on the Regime of Prescription of Certain Abandoned Goods by Their Owners in Favor of the State.
Artigo 14.º
(Transitional Provision)
Banking Financial Institutions must comply with the provisions of this Notice within 90 (ninety) days of its publication.
Artigo 15.º
(Infringements)
Non-compliance with the provisions of this Notice is punishable under the following legislation:
a) Law No. 14/21 of 19 May, General Regime of Financial Institutions Law; b) Law No. 05/20 of 27 January, Law on the Prevention and Combating 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.

CONTINUATION OF NOTICE NO. 01/2023 Page 9 of 20 Artigo 16.º (Doubts and Omissions) Doubts and omissions resulting from the interpretation and application of this Notice are resolved by the National Bank of Angola. Artigo 17.º (Revocation) Notice No. 03/2009 of 05 June, Notice No. 10/2016 of 05 September, and Notice No. 02/2017 of 03 February are revoked, as well as all norms that contradict the provisions of this Notice. Artigo 18.º (Entry into Force) The present Notice enters into force on the day following its publication. PUBLISH. Luanda, 26 January 2022. THE GOVERNOR JOSÉ DE LIMA MASSANO

CONTINUATION OF NOTICE NO. 01/2023 Page 10 of 20
ANNEX I
Bank Account Opening Form
I. Collection of Information Regarding Clients
The identification obligations below apply not only to new clients of the Institution, but must also apply to existing clients, based on the money laundering, terrorist financing, and proliferation of weapons of mass destruction risk assessment associated with them. In this sense, the delimited fields are the minimum required by current regulation, and Institutions may request additional information they consider relevant for an adequate assessment of the client's risk profile. Institutions must collect and retain all records relating to clients for a minimum period of 10 (ten) years, as well as ensure that records are available in a timely manner so that the competent authority can consult them if deemed necessary.1 In case of doubts regarding the true identity of the client and, where applicable, the legal representative or beneficial owner, which cannot be resolved satisfactorily, the Institution must refuse to carry out any operations. 1 As per Notice No. 14/20 of 22 June, on the prevention of money laundering and terrorist financing.

1. Identification of Natural Persons
   Full Name. Signature.
   Date of Birth. Nationality. Place of Birth.
   Full address of habitual residence (including a reference point).
   Full address of alternative residence (including a reference point) Profession/occupation and employer, where applicable.
   Name of the identification document used.
   Identification Number.
   Expiry date of the identification document.
   Issuing entity of the identification document.
   Nature and amount of income. Tax Identification Number Individuals who are, or have been, foreign or national persons performing prominent public functions in Angola, or in any other country or jurisdiction, or in any international organization, as per paragraph 31 of Article 3 of Law No. 05/20 of 27 January. 2 2 Considered as:
   I. High-ranking political or public offices:
2. Head of State;
3. Holder of the Executive Power;
4. Vice-President;
5. Members of the Government, namely State Ministers, Ministers, State Secretaries, Governors, Vice-Governors, Municipal Administrators, and Local Authorities;
6. Deputies or members of parliamentary chambers;
7. Magistrates of superior courts and members of the superior council of the judicial magistracy, whose decisions cannot be subject to appeal, except in exceptional circumstances;
8. Members of the administration and supervision bodies of the National Bank of Angola;
9. Heads of diplomatic missions and consular posts;
10. High-ranking officers of the Armed Forces and Police;
11. Members of the administration and supervision bodies of public companies and joint-stock companies with exclusive or majority public capital, public institutes, foundations, and public funds, public establishments, regardless of their designation, including the management bodies of companies within the business and local sectors;
12. Members of the executive bodies of International Law organizations.
    II. Close family members:
13. Spouse or persons living with them in a de facto union;
14. Parents, children, and their respective spouses or persons living with them in a de facto union.
    III. Persons who are recognized as having corporate or commercial relations with them:
15. Any natural person who is notoriously known as a joint owner with the holder of a political or public office of a legal person, a center of collective interests without legal personality, or who has close commercial relations with it;
16. Any natural person who is the owner of the share capital or voting rights of a legal person or of the assets of a center of collective interests without legal personality, who is notoriously known as having the holder of the high-ranking political or public office as the sole beneficial owner.

CONTINUATION OF NOTICE NO. 01/2023 Page 11 of 20
1.1. Sole Traders (in addition to the above information, the following must also be filled in):
Full trade name.
Headquarters address.
Tax Identification Number (TIN) Business Object.
Income Amount
Sustainability Report.

2. Identification of Legal Persons – also applies to real estate condominiums under horizontal property regime and autonomous assets
   Full trade name.
   Business object and purpose of the business.
   Headquarters address.
   Tax Identification Number (TIN) Commercial registry number.
   Identity of holders of participations in the capital and voting rights of the legal person with a value equal to or greater than 20%.3 Identity of the legal person's attorneys and their respective mandates.
   2.1. Non-profit Organizations (in addition to the above information, the following must also be filled in):
   3 This field should be completed by also filling in the beneficial owner section.

CONTINUATION OF NOTICE NO. 01/2023 Page 12 of 20 Geographic location.
Organizational structure.
Nature of donations and volunteering.
Nature of funds and expenses, including beneficiary information.

3. Charitable Institutions without legal personality, church bodies or places of worship
   Full name.
   Address. Document number proving their legalization by state authorities.
   Nature and object of the organization's activities.
   Names of all managers.
   Names or classes