Notice No. 07/96 of April 17

NOTICE No. 07/96 of April 17

Whereas financial institutions must provide periodic information to the Bank of Angola in the manner determined by it;

Whereas there is a significant systematic delay in the submission of this information, which greatly hinders the actions of the Bank of Angola, particularly in formulating monetary and exchange rate policy and in developing supervisory activities;

In the exercise of the competence conferred upon me by the Organic Law of the Bank of Angola, I HEREBY DETERMINE:

Article 1.

1. The submission to the Bank of Angola of monthly balance sheets and other periodic control reports, within the deadlines set in their respective regulations, is mandatory.
2. If the deadline falls on a non-working day, the deadline shall be automatically extended to the next working day.

Article 2.

1. Failure to comply with the set deadlines shall be penalized with a daily monetary fine applicable to the non-compliant institution, levied on the delay in submitting each required document, and calculated from the day following the fixed deadline until the day of receipt by the Banking Supervision Directorate.
2. The fine amount shall be 0.5% (five per thousand) of the minimum capital established for the establishment of new financial institutions, in effect on the date the sanction is applied, per day of delay and per document.
3. The amounts related to monetary fines shall be automatically debited from the deposit accounts of the respective institutions with the Bank of Angola, at the initiative of the latter, and in accordance with Article 41 of Law No. 5/91 of April 20, shall constitute revenue for the General State Budget.

Article 3.
The application of the monetary fine does not eliminate the possibility of applying other sanctions provided for in current legislation.

Article 4.
Both Administrators and Directors responsible for the areas issuing documents required by the Bank of Angola, notably the Accounting area, are personally and individually responsible for their correct preparation and timely submission to the BNA, and as such, without prejudice to penalties specific to the crime of disobedience, are subject to the following sanctions:
a) Warning b) Reprimand, with or without public notice; c) Temporary suspension, up to a maximum of 6 months, from the exercise of their duties; d) Permanent suspension from exercising managerial functions in any financial institution.

Article 5.
This Notice enters into force immediately.

PUBLISH

Luanda, April 17, 1996

THE GOVERNOR
ANTÓNIO GOMES FURTADO