Illegal activity of receiving deposits and other refundable funds
1. Any person who exercises any activity which consists of receiving from the public, on their own account or for some third party, deposits or other refundable funds without the necessary authorization, shall be punished with
imprisonment of up to five years.
2. The crime mentioned in the previous number is subject to the Penal Code and complementary legislation.
Not withstanding the provisions of number 6 of article 127 of this law, the infractions listed below are punishable by fines from 1% to 10%, or from 0,5% to 5% of the minimum stock capital of the institution in question, depending on whether it is applicable to a company or an individual:
a) exercising activity without complying with the standards on registration at the Supervisory Entity;
b) violation of the standards relating to subscription or raising of stock capital, in terms of timescales, amounts and forms of representation;
c) any infraction of the rules on the use of denominations mentioned in articles 10 to 38 of this law;
d) the omission of mandatory publication within legally required periods;
e) the omission of information and communication required by the respective Supervisory Entity, within the established deadlines, and providing of incomplete information;
f) the violation of ratios and prudential limits stipulated by law or by the responsible Supervisory Entities, within their own authority;
g) violation of imperative rules of this law and of specific legislation governing the activity of banking and non-banking financial institutions, not provided for in the previous lines, and also of the regulations issued by the Ministry of
Finance and the National Bank of Angola in compliance with or execution of the said rules;
h) violation of the advertising rules and disobedience to specific determinations issued by the National Bank of Angola in compliance with article 59 of this law.
Especially serious contraventions
Not withstanding the provisions of number 6 of article 127 of this law, the infractions listed below are punishable by fines from 5% to 25%, or from 2,5% to 12,5% of the minimum stock capital of the institution in question, depending on whether it is
applicable to a company or an individual:
a) the unauthorized practice, by any entities, of operations reserved for financial institutions;
b) the exercise of activities not included in their legal objectives, and also the carrying out of unauthorized or specifically forbidden operations;
c) the fraudulent raising of capital stock;
d) changes to statutes as provided for in articles 30 to 32 of this law, when not preceded by authorization from the Supervisory Entity;
e) the exercise of any duties or functions in financial institutions, in violation of the prohibitions or in the absence of the express opposition of the Supervisory Entity;
f) the falsification of the accounts and the lack of organized accounting, and also de failure to comply with other applicable accounting regulations as determined by law or by the Supervisory Entity, when such failure to comply obstructs awareness of the financial and asset situations of the entity in question;
g) failure to comply with the ratios and prudent limits mentioned in number 2 of article 75, without prejudice to the provisions of number 3 of the same article, article 74 and other determined by the Supervisory Entity under the terms of article 77 of this law, when such failure causes or may cause serious damage to the financial balance of the entity in question;
h) infractions of the standards on conflict of interest to in articles 66 and 67 of this law;
i) fraudulent acts of poor management, to the detriment of depositors, investors and other creditors, practiced by members of company bodies;
j) the practice, by holders of qualified shareholdings, of acts which prevent or seriously obstruct sound and prudent management of the entity in question;
k) failure to immediately inform the Supervisory Entity of the inability to comply with obligations encountered or about to be encountered by a financial institution, or the communication of this information omitting details required by law;
l) illegal failure to comply with Supervisory Entity decisions taken, under the terms of the law, with specific reference to the individual case, or carrying out acts subject by law to prior evaluation by the Supervisory Entity, when the
latter as manifested its opposition;
m) the refusal to allow or obstruction of any inspection by the Supervisory Entity;
n) failure to communicate to the Supervisory Entity facts provided for in number 3 of article 26 after registration of nomination of members of the administrative or supervisory bodies of financial institutions, and also of measures for suspension as referred to number 4 of articles 51 and 52, and in article 105;
o) providing false or incomplete information to the Supervisory Entity, which may give false impression in the same way as if false had been communicated on the same subject.
p) Disregard from the prohibition from exercising the right to vote.
1. Together with the fines applicable under the terms of the previous articles, the following additional sanctions may be applied to infractors:
a) seizure and forfeit of the object of the infraction, including any economic gain from such;
b) inhibition from exercising corporate or management positions in financial institutions for a period varying from 6 months to 3 years, in cases provided for in article 131 or from 3 months to 1 year, in the situations provided for in article 130 of this law;
c) publication by the Supervisory Entity of the definitive punishment.
2. The publication referred to in the previous number shall appear in one of the most widely read newspapers in the area of the registered office or of the permanent premises of the accused or, in the case of an individual, of their residence.
3. The application of the sanctions provided for in this act does not prejudice either the penal or civil responsibility provided for in other legal or regulatory instruments.