The Accounts Database

• Published date: 03 August 2023
• Subject Matter: Privacy, Data Protection
• Law Firm: PLMJ
• Author: Mr Gonçalo Dos Reis Martins, Renata Valenti and Joana Marques Dos Reis

Banco Nacional de Angola ("BNA") has recently published Notice 8/23 of 17 July. In accordance with and for the purposes of Article 148 of the Law on the General Regime of Financial Institutions¹, approved by Law 14/21 of 19 May ("LRGIF"), this Notice establishes the Accounts Database² ("BDC"), which is managed and operated by the BNA.

The purpose of the BDC is (i) to centralise, manage and monitor the reporting of information provided by the Financial Institutions (as defined below) regarding deposit and payment accounts and related information, namely agents and transactions, and (ii) to be the repository of such information in order to collaborate in the dissemination of macroeconomic indicators, evaluation studies and statistics.

The Notice applies to: (i) commercial banks, (ii) investment banks, (iii) development banks, (iv) mutual agricultural credit banks and other companies classified as such by law in accordance with Article 24(3) of the LRGIF, (v) electronic money institutions, and (vi) payment service providers (defined as "Financial Institutions"). These Financial Institutions are required to report to the BNA all information relating to bank and payment accounts opened by them, in accordance with the terms and conditions to be set out in specific regulations governing the operation of the BDC.

Financial Institutions are responsible for the information they provide to the BDC and for amending and correcting the information contained in the BDC, on their own initiative or at the request of their clients, in...