Notice No. 06/2013 of April 22

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BANK OF ANGOLA
Governor's Office

NOTICE NO. 06/2013
dated April 1, 2013

SUBJECT: VALUE REMITTANCE SERVICES

Whereas it is necessary to clarify the procedures, eligibility, information provision, and define the limits to be observed for the value remittance service in Angola by financial institutions providing payment services, under the Exchange Law, the Angolan Payment System Law, and the Financial Institutions Law;

In the exercise of the powers conferred upon me by Article 51 of Law No. 16/10, dated July 15, the Bank of Angola Law;

I HEREBY DETERMINE:

Article 1.
(Subject Matter)

This Notice regulates the provision of value remittance services, carried out by financial institutions under the supervision of the Bank of Angola.

Article 2.
(Scope)

1. This Notice applies to financial institutions providing value remittance services, whose activity of receiving funds from senders and/or delivering them to beneficiaries takes place within the Republic of Angola, as defined in the following articles.

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BANK OF ANGOLA
Governor's Office

2. The following are not considered value remittances:
   a) cash withdrawals against drawn checks at a banking institution; b) cash or other payment instrument deliveries made directly between the sender and the beneficiary, without any intermediary; and c) the professional physical transport of banknotes and coins, including their collection, processing, and delivery.

Article 3.
(Definitions)

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

1. Beneficiary - the recipient of funds subject to a remittance.
2. BIC - International Bank Identifier Code.
3. Payment or deposit accounts - accounts held in the name of the sender or beneficiary at a banking financial institution, used for executing fund transfer operations.
4. Sender - an individual, over 18 years of age, who issues a value remittance order.
5. International remittance sender - an individual, Angolan or foreign, holder of a resident card.
6. National remittance sender - an individual, Angolan or foreign.
7. Value Remittance Service Provider - a non-banking financial institution authorized by the Bank of Angola, under the Financial Institutions Law and the Angolan Payment System Law, to carry out value remittance services.

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BANK OF ANGOLA
Governor's Office

8. Value Remittances - all transfers or receipts of small amounts that do not involve:
   a) the creation of payment or deposit accounts by the sender or beneficiary; and/or b) the provision of goods and services by the beneficiary of the transaction.
9. International Remittances - transfer of funds abroad or receipt of funds originating from abroad.
10. National Remittances - transfer of funds where the sender and beneficiary are located within national territory.
11. Remittance System - set of instruments, rules, and technical and operational procedures that enable the execution of remittances.
12. Funds - cash and other payment instruments, namely bank checks, banking payment cards, and bank transfers.

Article 4.
(Classification of Remittances)

For the purposes of this Notice, remittances are classified as national and international remittances, as defined in the preceding article.

Article 5.
(Payment Methods for Remittances)

For the purpose of executing value remittances, the following payment instruments may be used:
a) cash; b) banking payment cards; c) bank checks; and d) bank transfers.

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BANK OF ANGOLA
Governor's Office

Article 6.
(Participants in Remittances)

1. The following are participants in remittances:
   a) national and international remittance senders; b) national and international remittance beneficiaries; and c) service providers for the sender and beneficiary.
2. The service provider for the sender and beneficiary may be the same entity.

Article 7.
(Authorization for Value Remittance Services)

Only financial institutions authorized by the Bank of Angola, in accordance with current legislation, may provide remittance services.

Article 8.
(Remittance Systems)

1. The remittance system to be used by the financial institutions referred to in No. 7 of Article 3 of this Notice must be authorized by the Bank of Angola.
2. The remittance system must include an information transfer software application and may also comprise:
   a) a clearing and settlement subsystem; and b) a proprietary service network used by senders and beneficiaries.

Article 9.
(Use of National Currency)

All payments and receipts of funds related to the remittance service must be made exclusively in national currency, at a freely negotiated exchange rate.

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BANK OF ANGOLA
Governor's Office

Article 10.
(Request for Remittances)

1. International remittances originating in Angola may only be requested by international remittance senders, as defined in No. 5 of Article 3 of this Notice.
2. National remittances may be ordered by national remittance senders, as defined in No. 6 of Article 3 of this Notice.

Article 11.
(Remittance Limits)

1. International remittances are subject to a monthly limit of Kz 500,000.00 (five hundred thousand Kwanzas) and an annual limit of Kz 2,000,000.00 (two million Kwanzas), per sender and beneficiary.
2. The limits defined in the preceding paragraph apply to the sender and beneficiary, regardless of the service points where each remittance is ordered.
3. The financial institution is responsible for establishing limits for national remittances, based on its risk management criteria.
4. Financial institutions are required to identify transactions and implement systems for the prevention of money laundering and terrorist financing, in compliance with Law No. 34/11 dated December 12, Notice 12/12 dated April 13, and Instructional Document No. 02/12 dated April 20.

Article 12.
(Verification and Registration of Remittances)

1. The financial institution providing the remittance service must verify and register, at a minimum, the following information regarding sent remittances:
   a) with respect to the sender:
   i. identification number and validity date of the Identity Card, for national citizens;
   ii. number and validity of the resident card, for foreign citizens;
   iii. date of birth;
   iv. nationality;
   v. residential address;
   vi. IBAN, in cases where the sender's bank account is used; and
   vii. full name and signature.
   b) with respect to the remittance:
   i. net amount delivered or debited by the sender;
   ii. destination country of the funds;
   iii. charges paid by the sender;
   iv. taxes paid by the sender;
   v. unique reference or transaction code, which must be sent to the beneficiary's remittance service provider; and
   vi. date and time of receipt of the sender's instruction.
   c) with respect to the beneficiary:
   i. beneficiary identification data provided by the sender, including at a minimum full name and address;
   ii. IBAN, if crediting the remittance amount to the beneficiary's bank account is permitted; and/or
   iii. BIC corresponding to the IBAN, if crediting the remittance amount to a foreign bank account is permitted.
2. Regarding received remittances, the remittance service provider must verify and register, at a minimum, the following information:
   a) with respect to the sender's remittance service provider:
   * complete identification and address.
   b) with respect to the sender:
   * identification data including at a minimum full name and address.
   c) with respect to the beneficiary, when fund withdrawal is in person at the service provider's counters:
   i. identity card number and validity date, for national citizens;
   ii. number and validity date of the resident card or passport, and work visa, for foreign citizens with exchange residency;
   iii. number and validity date of the passport and respective entry visa, for foreign citizens without exchange residency;
   iv. full name and signature;
   v. date of birth;
   vi. nationality; and
   vii. residential address.
   d) with respect to the beneficiary when a bank account is used for crediting the received amount:
   i. full name; and
   ii. IBAN.
   e) with respect to the remittance:
   i. amount received;
   ii. country of origin of the funds;
   iii. amount delivered to the beneficiary;
   iv. total charges paid by the beneficiary, excluding taxes;
   v. total taxes paid by the beneficiary;
   vi. unique reference or transaction code, which must be sent to the beneficiary's remittance service provider; and
   vii. date and time of information receipt.
3. The sender's remittance service provider must monitor the limit of remittances ordered by its customers in accordance with the rules set forth in Article 11 of this Notice.
4. The sender's remittance service provider must execute the received order on the day of instruction receipt, or by the beginning of the next business day.
5. The information referred to in Nos. 1 and 2 of this Article must be retained for a period of 10 (ten) years.

Article 13.
(Information to be Provided to the Sender)

1. Remittance service providers must make the following information available prior to service provision:
   a) with respect to the remittance service:
   i. description of the main characteristics of the service;
   ii. information to be provided by the sender for adequate remittance execution;
   iii. timing of receipt of the remittance order;
   iv. method and procedures for cancelling the remittance order; and
   v. maximum timeframe for remittance execution.
   b) with respect to charges and exchange rates:
   i. all charges payable by the sender; and
   ii. exchange rate, when applicable.
2. Immediately after receiving the remittance order, the sender's remittance service provider must make the following information available for confirmation:
   a) timing of fund receipt by the beneficiary; b) reference allowing the sender to identify the remittance and information regarding the beneficiary;
   c. identification of the beneficiary;
   d. amount of the remittance; e. amount of remittance charges payable by the sender and their respective breakdown; f. exchange rate, when applicable; and g. tax applied to the remittance.

Article 14.
(Information to be Provided to the Beneficiary)

At the time of fund availability from the remittance, the beneficiary's remittance service provider must provide the following information:
a. date and time when funds were delivered to the beneficiary or the value date of the account credit; b. identification of the sender;
c. amount of service charges payable by the beneficiary and their respective breakdown; and
d. exchange rate, when applicable.

Article 15.
(Information to be Provided to the Bank of Angola)

Remittance service providers must send the Bank of Angola information elements in the established format and periodicity.

Article 16.
(Sanctions)

1. Non-compliance with the mandatory provisions of this Notice is punishable by:
   a. warning; b. monetary fine ranging from 0.025% to 25% of the social capital of the remittance service-providing institution;
   c. suspension of activity for a period of up to 6 (six) months; or
   d. revocation of authorization to carry out value remittance services.
2. The sanctions provided for in paragraph 1 of this Article may be applied cumulatively.
3. The sanctions set forth in this Article will be applied by the Bank of Angola under the Angolan Payment System Law, combined with the Financial Institutions Law and the National Statistical System Law.

Article 17.
(Interpretation and Omissions)

Doubts and omissions arising from the interpretation and application of this Notice will be resolved by the Bank of Angola.

Article 18.
(Repealing Provision)

All provisions contrary to those established in this Notice are hereby repealed, notably Notice No. 03/2011 dated June 2.

Article 19.
(Entry into Force)

This Notice enters into force 30 (thirty) days after its publication.

PUBLISH.

Luanda, April 1, 2013

THE GOVERNOR
[Signature]
JOSÉ DE LIMA MASSANO

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