Regulation (NAP) - Procedure for the Exchange of the Dobra in Banking Financial Institutions

NAP
PERMANENT APPLICATION STANDARD (NAP)
CODE P. 99
PROPOSER(S) ENTRY INTO FORCE ISSUE DATE DOC NO. PAGE 1/3 C.A.
SUBJECT: Procedure for the exchange of the Dobra in banking financial institutions.
In accordance with paragraph b) of Article 3 of Decree-Law No. 15/2017 dated October 3, the Central Bank must define procedures for replacing the Current Family of the Dobra; Given the need to regulate the aforementioned exchange process; Therefore, under the powers established by number 1 of Article 56 of Law No. 8/92 dated August 3, supplemented by Article 19 of the aforementioned Decree-Law, the Board of Directors of the Central Bank of São Tomé and Príncipe resolves as follows:
Article 1.
(Object)
This NAP regulates the procedures to be observed by banking establishments in the exchange of banknotes and coins from the Current Family of the Dobra (Db) for the New Family of the Dobra (nDb), during the period from January 1 to June 30, 2018.
Article 2.
(Scope)
This regulation applies to banking financial institutions duly authorized by the Central Bank of São Tomé and Príncipe.
Article 3.
(Rules)

1. During the period from January 1 to June 30, 2018, banking financial institutions must accept from the public banknotes and coins of the Current Family of the Dobra in exchange for banknotes and coins of the New Family, regardless of whether they belong to clients with accounts at the bank or not.
2. Exceptionally, considering the specificity of the national economy, the period established in the preceding article may be extended by three months, setting September 30, 2018, as the deadline for exchanging the Current Family of the Dobra for the New Family in banking financial institutions.
   01/01/2018 08/12/2017 20/2017
   Reviewed Revocation Data:

NAP
PERMANENT APPLICATION STANDARD (NAP)
CODE P. 99
PROPOSER(S) ENTRY INTO FORCE ISSUE DATE DOC NO. PAGE 2/3 C.A.
3. The exchange of banknotes and coins referred to in number 1 may be carried out via deposit or physical exchange of banknotes and coins at banking financial institutions.
Article 4.
(Discharge Power)
From June 30, 2018, banknotes and coins of the Current Family of the Dobra lose their legal tender status and are consequently withdrawn from circulation, no longer accepted as a means of payment from that date.
Article 5.
(Charges)
In the exchange process covered by this NAP, banking financial institutions may not impose any costs or charges on the public.
Article 6.
(Amounts to be Exchanged)
Banking financial institutions must accept from the holders of banknotes and coins referred to in the preceding articles all amounts held by them for exchange purposes, without neglecting associated control mechanisms, namely identification documents.
Article 7.
(Special Cases)
In cases where the amount presented for exchange by a single person is equal to or greater than Db. 245,000,000.00 (Two Hundred and Forty-Five Million Dobra), a value defined in Law No. 8/2013 — Law on the Prevention and Combating of Money Laundering and Terrorist Financing, dated October 15, banking financial institutions must:

1. Collect relevant identification regarding the interested party, namely:
   a) If an individual:
   i. Identity Card or Passport;
   ii. Full address;
   iii. Profession and employer, if applicable;
   iv. Type, number, place, and date of issue of the identification document; and
   v. Tax Identification Number, if applicable.
   01/01/2018 08/12/2017 20/2017
   Reviewed Revocation Data:

NAP
PERMANENT APPLICATION STANDARD (NAP)
CODE P. 99
PROPOSER(S) ENTRY INTO FORCE ISSUE DATE DOC NO. PAGE 3/3 C.A. b) If a legal entity:
i. Articles of Incorporation;
ii. Company name or trade name;
iii. Registered office;
iv. Identification of persons representing the entity;
v. Tax identification number.
2. In case of suspicion of money laundering, report to the competent authorities as provided in the aforementioned Law.
Article 8.
(Verification of Authenticity)
In the exchange process, banking financial institutions must ensure adequate verification of the authenticity of banknotes and coins presented by the public, observing applicable security standards and procedures.
Article 9.
(Control Mechanisms)
Banking financial institutions must define internal control mechanisms that ensure compliance with this regulation.
Article 10.
(General Duty)
Banking financial institutions must make efforts to encourage the public to deposit values subject to exchange, considering the benefits in terms of financial inclusion.
Article 11.
(Entry into Force)
This NAP enters into force on January 1, 2018.
Central Bank of São Tomé and Príncipe, December 8, 2017.
Reviewed
01/01/2018 08/12/2017 20/2017
Revocation Data: