Notice No. 12/2020 of April 27

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PUBLISHED IN THE OFFICIAL GAZETTE, 1ST SERIES, NO. 57, OF APRIL 27 NOTICE NO. 12/2020 SUBJECT: FINANCIAL SYSTEM

• Simplified Bank Accounts
• Opening, Operation and Closure

Within the framework of the National Bank of Angola's efforts to promote financial inclusion, it is deemed necessary to establish a regime for Simplified Bank Accounts that facilitates access to the financial system by resident citizens who do not meet all conditions required for opening a bank account or accessing certain payment systems, as defined in the applicable legislation and regulations; In accordance with the combined provisions of paragraph 3 of Article 13 of Law No. 5/20, dated January 27 – the Law on the Prevention and Combating of Money Laundering, Terrorist Financing and Proliferation of Weapons of Mass Destruction, and Article 51 of Law No. 16/10, dated July 15 – the National Bank of Angola Law.

I DETERMINE:
Article 1. (Object)

1. This Notice establishes the rules applicable to the opening, operation and closure of bank accounts by resident natural persons who do not meet all conditions for their opening or access to certain payment systems, in accordance with the applicable legislation and regulations.
2. Accounts opened under this Notice are designated as “Simplified Accounts” and may be opened by natural persons for personal or commercial purposes.

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3. Simplified Accounts, depending on their purpose and the payment systems used, are exempt from presenting an identity card and/or registration with the General Tax Administration in accordance with the Legal Regime of the Fiscal Identification Number, with commercial-purpose accounts reserved for micro-entrepreneurs operating in the informal sector.

Article 2. (Scope)
The Notice applies to Banking Financial Institutions supervised by the National Bank of Angola, under the terms and conditions provided in the Framework Law of Financial Institutions, hereinafter referred to as Banks.

Article 3. (Definitions)
Without prejudice to the definitions established in the Framework Law of Financial Institutions, for the purposes of this Notice, the following are understood:
a) Client: natural person contractually linked to a Bank to which it provides products or services. b) Individual Accounts: those with a single depositor who is a natural person. c) Migrated Accounts: all Simplified Bank Accounts converted into conventional accounts, whenever the client meets the conditions established in the applicable regulations regarding the opening, operation and closure of bank accounts. d) Simplified Accounts: simplified accounts for personal or commercial purposes.
i. Commercial-Purpose Simplified Accounts: current deposit account, denominated in Kwanzas, held by a resident natural person, micro-entrepreneur, made available by Banks under the conditions and terms provided in this Notice.
ii. Personal-Purpose Simplified Accounts: current deposit account, denominated in Kwanzas, held by a natural person, made available by Banks under the conditions and terms provided in this Notice.

CONTINUATION OF NOTICE NO. 12/2020 Page 3 of 8 e) Current Deposits: banking operation in which Banks capture funds, assuming the status of debtors towards depositors. The deposited funds are payable at any time and may or may not be remunerated. f) Time Deposits: deposits payable at the end of the term for which they were established, although the Bank may allow their early mobilization under agreed conditions.

Article 4. (Requirements for Opening Accounts)

1. For the purposes of opening Simplified Bank Accounts, the client must:
   a) Present a valid identification document, including among others:
   i. a document issued by the highest traditional authority, legally recognized by the Angolan State;
   ii. identity card.
   b) Submit one (1) photograph, if not in possession of an identity card; c) Complete the account opening form provided by the Bank, with fields related to client identification, address and contacts being mandatory.
2. For the purposes of opening a Simplified Bank Account for commercial purposes, the client must present the documentation referred to in the previous paragraph, together with authorization from the competent local administration body for exercising the said activity.
3. The holder of a Simplified Bank Account for commercial purposes may request the Bank to provide an Automatic Payment Terminal (APT) for use in their commercial activity, provided they meet the following access conditions:
   a) Possess an identity card, with or without registration with the General Tax Administration under the Legal Regime of the Fiscal Identification Number;

CONTINUATION OF NOTICE NO. 12/2020 Page 4 of 8 b) Conduct their commercial activity through a fixed point of sale; c) Have authorization from the competent local administration body to exercise their activity at said fixed point of sale; d) Complete the necessary forms for account opening and APT provision.
4. Current deposit accounts must be opened with a minimum amount to be defined in a specific Instruction.
5. Banks must, prior to opening Simplified Bank Accounts, make available to clients the general and specific conditions, as applicable, within the framework of their duty to inform under Article 5 of Notice No. 10/2016 on the Opening, Operation and Closure of Bank Deposit Accounts, with necessary adaptations.
6. The conditions referred to in the preceding paragraph must include the provisions of this Notice, covering minimum account opening requirements, operation conditions, as well as consequences when conditions for maintaining a Simplified Bank Account are no longer met.

Article 5. (Operation Conditions of Simplified Bank Accounts)

1. Simplified Bank Accounts are subject to maximum daily balance limits and maximum monthly accumulated credit transaction values, to be defined in a specific Instruction.
2. Simplified Bank Accounts may be operated through multi-system cards, internet banking, mobile and instant payments, or over the counter.
3. The operation of Simplified Bank Accounts is limited to payments and transfers in national currency.
4. The maximum balance limit of the current account includes the balance associated with APT use, after accounting closure, which must be performed daily.
5. Whenever the monthly accumulated value of credit transactions in the client's account exceeds the limit referred to in paragraph 1 of this Article, the Bank must verify the reason for such occurrence, and if there is suspicion of money laundering or terrorist financing, proceed in accordance with the applicable legislation and regulations.
6. If the client exceeds the established daily balance limit more than five (5) times within a twelve (12)-month period, or exceeds the monthly transaction limit more than two (2) times within the same period, due to income growth and without suspicion of money laundering or terrorist financing, the Bank must inform the client that they no longer meet the conditions for maintaining a Simplified Bank Account and grant a period of one hundred eighty (180) days for the client to obtain an identity card and/or registration with the General Tax Administration under the Legal Regime of the Fiscal Identification Number, in order to convert the Simplified Bank Account into a conventional account.
7. Upon expiration of the one hundred eighty (180)-day period, the Bank must block the Simplified Bank Account to credit until presentation of the identity card and/or confirmation of tax registration, at which point the account must be converted into a conventional account.

Article 6. (Time Deposits)

1. Holders of Simplified Bank Accounts may contract time deposits, with the minimum amount for their establishment defined in a specific Instruction.
2. The maximum aggregated balance of all time deposit accounts for each holder is defined in a specific Instruction.

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3. Time deposit accounts must be remunerated, considering the maturity of the deposit, at an interest rate defined in a specific Instruction.

Article 7. (Migration Criteria)
Banks must proceed to convert Simplified Bank Accounts into conventional accounts whenever the client has met the minimum documentation required under Notice No. 10/2016 on the Opening, Operation and Closure of Bank Deposit Accounts.

Article 8. (Fees)
Regarding fees, the provisions of Notice No. 03/2018 on Minimum Banking Services apply to Simplified Bank Accounts.

Article 9. (Awareness and Dissemination)
Within the framework of promoting financial inclusion, Banks must carry out awareness and dissemination actions regarding Simplified Bank Accounts, aiming to inform the population about their nature, importance and advantages.

Article 10. (Restrictions)
Banks are prohibited from:
a) Requiring interested parties to provide additional documents beyond those defined in this Notice; b) Conditioning the opening of Simplified Bank Accounts to the acquisition of additional products or services; c) Charging exempt fees, in accordance with Notice No. 03/2018 on Minimum Banking Services.

Article 11. (Information Reporting)

1. Information regarding new Simplified Bank Accounts opened during the period must be reported by Banks to the National Bank of Angola through the Financial Institutions Portal (FIP), on a monthly basis, by the eighth business day of the month following that to which the information refers.
2. Banks must report to the General Tax Administration (GTA), for purposes of updating and regularizing their registry, within the aforementioned period, in XML format, the following information regarding holders of new Simplified Bank Accounts opened during the period:
   a) Full name; b) Address; and c) Telephone contact and electronic address, where applicable.

Article 12. (Legitimate Refusal)

1. Justified grounds for refusing the opening of Simplified Bank Accounts are considered to exist when the applicant:
   a) Is already the holder of a bank account in the same Bank; b) Has credit registration in an irregular situation; c) Does not present the identification documents stipulated in Article 4 of this Notice.
2. In case of refusal to open a Simplified Bank Account, the Bank must immediately and in writing inform the interested party of the reasons justifying the refusal.
3. Whenever a Bank refuses to open a Simplified Bank Account and/or fails to justify it in writing, the client may notify the National Bank of Angola by contacting the Financial Conduct Department via the emails: atendimento.reclamacoes@bna.ao and/or DCF@bna.ao.

Article 13. (Sanctions)
The non-compliance with the provisions of this Notice constitutes an offense punishable under Law No. 12/15, dated June 17, the Framework Law of Financial Institutions, and Law No. 5/20, dated January 27 – the Law on the Prevention and Combating of Money Laundering, Terrorist Financing and Proliferation of Weapons of Mass Destruction.

Article 14. (Doubts and Omissions)
The doubts and omissions resulting from the interpretation and application of this Notice are resolved by the National Bank of Angola.

Article 15. (Entry into Force)
This Notice enters into force on the date of its publication.
PUBLISH.
Luanda, April 20, 2020
THE GOVERNOR
JOSÉ DE LIMA MASSANO