BANCO NACIONAL DE ANGOLA

GABINETE DO GOVERNADOR

NOTICE NO. 03/2011
of June 2

Considering the need to establish standards for the provision of value remittance services in Angola, carried out by payment service providers, under Law No. 5/1997 of June 27, Exchange Law, Law No. 5/2005 of July 29, Angola Payment System Law, and Law No. 13/2005 of September 30, Financial Institutions Law.

Under the provisions of paragraph f) of Article 21 of Law No. 16/10 of July 15, Banco Nacional de Angola Law;

In the exercise of the competence conferred upon me by Article 51 of Law No. 16/10 of July 15, Banco Nacional de Angola Law;

I DETERMINE:

Article 1
Object

This Notice regulates the provision of value remittance services.

Article 2
Scope

1. This Notice is applicable to any value remittance service, hereinafter referred to as remittances, where the delivery of funds by the remitter and/or the receipt of funds by the beneficiary takes place in Angola, as defined in this Notice.
2. The following shall not be considered value remittances:
   a) withdrawal of checks from the drawee institution;

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BANCO NACIONAL DE ANGOLA
GABINETE DO GOVERNADOR

b) cash deliveries or other payment instruments made directly between the remitter and the beneficiary, without any intermediation; c) the physical transport, on a professional basis, of banknotes and coins, including their collection, processing, and delivery.

Article 3
Definitions

For the purposes of this Notice, the following are understood as:

1. Beneficiary - the recipient of the funds that are the subject of a remittance.
2. BIC - Bank Identifier Code.
3. Payment or deposit accounts - accounts held in the name of the remitter or the beneficiary, which are used to execute fund transfer operations.
4. Remitter - the person who issues a value remittance order.
5. Resident remitter - an individual resident as defined in Article 4 of Law No. 5/1997 of June 27 - Exchange Law - of legal age, who issues an order for national and/or international value remittances.
6. Non-resident remitter - an individual resident as defined in Article 4 of Law No. 5/1997 of June 27 - Exchange Law - of legal age, who issues an order for national and/or foreign value remittances to the national territory.
7. Remittance Service Provider - a payment service provider, according to paragraph q) of Article 2 of Law No. 5/2005 of July 29, Angola Payment System Law, authorized by the BNA to provide the value remittance service.
8. Value Remittances or simply Remittances - all fund transfers that do not necessarily imply:

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BANCO NACIONAL DE ANGOLA
GABINETE DO GOVERNADOR

a) the creation or use of payment or deposit accounts by the remitter and/or the beneficiary; b) the counterparty of goods and/or services by the beneficiary of the operation. Value remittances constitute a special case of payment operation, defined in Law No. 5/2005 of July 29, Angola Payment System Law.
9. International Remittances - value remittances where the remitter is a resident and the beneficiary is not located on national territory, or the remitter is a non-resident located abroad, or on national territory, and the beneficiary is located on national territory.
10. National Remittances - value remittances where the remitter and the beneficiary are located on national territory.
11. Remittance System - the set of participants, rules, and technical and operational procedures that enable the execution of remittances.
12. Funds - cash, checks, other monetary instruments, or other value deposits.

Article 4
Types of Remittances

1. For the purposes of this Notice, remittances are classified into national remittances and international remittances.
2. The definition of each type of remittance is provided in Article 3 of this Notice.

Article 5
Participants

1. The participants in a remittance system are:
   a) the remitter, resident or non-resident b) the remitter's service provider; c) the beneficiary's service provider;

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BANCO NACIONAL DE ANGOLA
GABINETE DO GOVERNADOR

d) the beneficiary.
2. The remitter's service provider and the beneficiary's service provider may be the same entity.
3. A remittance system necessarily includes an information transfer system and may also include:
a) a clearing and settlement subsystem; b) a network of own service points, used by remitters and beneficiaries.

Article 6
Authorization for Service Provision

1. Only financial institutions or non-financial institutions authorized, in accordance with the provisions of Law No. 5/2005 - Payment System Law, of July 29, and Law No. 13/2005 - Financial Institutions Law, of September 30, may provide the remittance service.
2. Only remittance systems duly authorized by the Banco Nacional de Angola, in accordance with the provisions regarding payment subsystems under Law No. 5/2005 of July 29, may be used.

Article 7
Limits

1. International remittances originating in Angola may only be requested by resident remitters.
2. National remittances may be requested by resident remitters and/or non-resident remitters.
3. International remittances originating in Angola are subject to the following maximum limits:
   a) value in Kwanzas equivalent to USD 5,000.00 (five thousand United States Dollars), per month;

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BANCO NACIONAL DE ANGOLA
GABINETE DO GOVERNADOR

b) value in Kwanzas equivalent to USD 20,000.00 (twenty thousand United States Dollars), per year.

4. The limits defined in the previous paragraph are applicable to the Remitter, regardless of the service points where each remittance is ordered.
5. It is the responsibility of the institution providing the remittance service, based on its risk management criteria, to establish limits for national remittances.
6. In addition to the control to which all remittance service operators are obliged, the Financial Information Unit, under paragraphs a) and b) of Article 7 of Presidential Decree No. 35/11 of February 15, combined with paragraph 1 of Article 15 of Law 12/10 of July 9, Law on Combating Money Laundering and Financing of Terrorism, may determine the suspension of international remittances originating in Angola to countries or legal or individual entities duly identified.

Article 8
Responsibilities of the Remittance Service Provider

1. In addition to other obligations provided by law, the remittance service provider must register at least the following information regarding all remittances sent:
   a) Regarding the remitter:
   i. number and expiry date of the identity card for national citizens, or the number and validity of the resident card for resident foreign citizens;
   ii. number and expiry date of the passport and the respective entry visa for non-resident foreign citizens;
   iii. full name and signature;

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BANCO NACIONAL DE ANGOLA
GABINETE DO GOVERNADOR

iv. date of birth;
v. nationality;
vii. address of residence;
vii. IBAN, in cases where the remitter's bank account is used;
b) Regarding the remittance:
i. amount of the remittance in the currency delivered by, or debited to, the remitter, net of any charges;
ii. destination country of the funds;
iii. total charges paid by the remitter, excluding taxes, in the currency in which it was settled;
iv. total taxes paid by the remitter;
v. unique reference of the operation, which must be sent to the beneficiary's remittance service provider;
vi. date and time of receipt of the remitter's instruction;
c) Regarding the beneficiary:
i. beneficiary identification data, provided by the remitter, including, at a minimum, full name and address;
ii. IBAN if the possibility of crediting the remittance to the beneficiary's bank account is admitted;
iii. BIC corresponding to the IBAN, if the possibility of crediting the remittance to the beneficiary's bank account abroad is admitted;
2. In addition to other obligations provided by law, the remittance service provider must register at least the following information regarding all remittances received:
a) Regarding the remitter's remittance service provider:
i. complete identification
ii. date and time of receipt of the information;
b) Regarding the remitter
i. full name;

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BANCO NACIONAL DE ANGOLA
GABINETE DO GOVERNADOR

ii. remitter's account number or, in the absence of an account number, the unique reference number of the operation, communicated by the remitter's service provider, which allows tracing the operation back to its remitter;
iii. address or date and place of birth, identity card number or the number and validity of the resident card for resident foreign citizens, number and expiry date of the passport and the respective entry visa for non-resident foreign citizens, or remitter's identification number;
c) Regarding the beneficiary, when the withdrawal of funds is in person at the service provider's counters:
i. identity card number and expiry date for national citizens or the number and validity of the resident card for resident foreign citizens, number and expiry date of the passport and the respective entry visa for non-resident foreign citizens;
ii. full name and signature;
iii. address of residence;
iv. date of birth
v. nationality
d) in cases where a bank account is used to credit the beneficiary: IBAN e) Regarding the remittance:
i. amount of the remittance in the currency received from the remitter's remittance service provider;
ii. country of origin of the funds;
iii. amount delivered to the beneficiary, in the corresponding currency;
iv. total charges paid by the beneficiary, excluding taxes, in the currency in which they were settled;
v. total taxes paid by the beneficiary.

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BANCO NACIONAL DE ANGOLA
GABINETE DO GOVERNADOR

3. The registration of the information mentioned in point i) and iii) of paragraph b) of paragraph 2 of this Article is not applicable in the case where the payment service providers of the remitter and the beneficiary are both located in Angola.
4. The remitter's service provider is obliged to verify the identity of the remitter against the identification documents presented according to point i) of paragraph a) of paragraph 1 of this Article.
5. In cases where the remittance order is communicated electronically and remotely, and where the remitter is already a customer of the remittance service provider, so that the latter has the user identification elements contained in point i of paragraph a) of paragraph 1 of this Article, the identification of the remitter may be based on a unique user identification and a secret code, capable of being validated by the service provider.
6. The beneficiary's service provider is obliged to verify the identity of the beneficiary against the identification documents presented according to point i) of paragraph c) of paragraph 2 of this Article.
7. The remitter's service provider is obliged to control the remittances ordered by its customers according to the rules contained in Article 7.
8. The remitter's service provider is obliged to execute the received order in the shortest possible time and, at the latest, by the beginning of the next business day following the date referred to in paragraph a) of paragraph 2, of Article 9 of this Notice.
9. The information referred to in paragraph 1 of this Article must be kept for a period of 10 years, starting from the day the remittance was ordered or the information was received.

Article 9
Information to be Provided to the Remitter

1. Remittance service providers must make available the following information and conditions, before providing the service:

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BANCO NACIONAL DE ANGOLA
GABINETE DO GOVERNADOR

a) regarding the remittance service:
i. the description of the main characteristics of the service;
ii. the information to be provided by the remitter so that a remittance can be executed properly;
iii. how the moment of receipt of the remittance order is defined;
iv. the method and procedures for revocation of the remittance order;
v. the maximum execution time applicable to the provision of the service;
b) regarding charges and exchange rates:
i. all types of charges to be paid by the remitter and the method of determining them;
ii. the method of determining the exchange rate applied to the remittance.
2. Immediately after receiving the remittance order, the remitter's service provider must provide this information to the remitter, or make it available to them:
a) the moment of receipt of the remittance order; b) a reference that allows the remitter to identify the remittance and, if applicable, information regarding the beneficiary; c) the identification of the beneficiary, according to what was informed by the remitter; d) the amount of the remittance in the currency used in the remittance order; e) the amount of any remittance charges that the remitter must pay and their respective breakdown; f) the exchange rate applied to the remittance by the remitter's payment service provider, as well as the amount of the payment operation after this currency conversion.
3. It is the responsibility of the remittance service provider to prove that it has complied with the information requirements established in this Article.

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BANCO NACIONAL DE ANGOLA
GABINETE DO GOVERNADOR

Article 10
Information to be Provided to the Beneficiary

Upon the execution of a remittance, the beneficiary's remittance service provider must provide the beneficiary with, or make available to them, the following information:

a) the moment when the funds were delivered to the beneficiary or, if applicable, the value date of the credit to the account; b) the identification of the remitter; c) the amount received in the currency in which the funds are made available to the beneficiary; d) the amount of any service charges that the beneficiary must pay and their respective breakdown; e) if applicable, the exchange rate applied to the remittance by the beneficiary's remittance service provider, as well as the amount of the remittance before this currency conversion.

Article 11
Information to be Provided to the Banco Nacional de Angola

Remittance service providers must send to the Banco Nacional de Angola the information elements that are defined, in the format and periodicity established by the Banco Nacional de Angola.

Article 12
Deadline for Adaptation of Procedures

Institutions providing the remittance service must adapt their procedures to the provisions of this Notice within a maximum period of 60 (sixty) days, starting from the date of its publication.

Article 13
Penalties

Violations of the provisions of this Notice are punishable, under the terms of Law No. 5/2005 of July 29, Angola Payment System Law, and Law No. 3/2011 of January 14, National Statistical System Law.

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BANCO NACIONAL DE ANGOLA
GABINETE DO GOVERNADOR

Article 14
Doubts and Omissions

Doubts and omissions arising from the interpretation and application of this Notice shall be resolved by the Banco Nacional de Angola.

Article 15
Repealing Clause

All instruments that contradict the provisions of this Notice are repealed.

Article 16
Entry into Force

This Notice enters into force immediately.

PUBLISH

Luanda, on June 2, 2011

THE GOVERNOR

[Signature]
JOSÉ DE LIMA MASSANO