Angola’s AML/KYC Regulations: A Guide for Businesses
As a business operating in Angola, it is crucial to comply with the country’s Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Failure to do so can result in severe penalties, including fines and even criminal charges.
Key Requirements for Businesses in Angola
The Angolan AML/CFT Act sets out the key requirements for businesses operating in the country. This article will outline these requirements to ensure compliance and avoid potential penalties.
Identity Verification
Identity verification is a crucial step in onboarding new customers in Angola. According to regulations, this process involves verifying the customer’s identity using:
- A utility bill (such as gas, electricity, or telephone) that shows their name and address
- A bank statement that shows their name and address
- A government-issued document that shows their name and address
This information must be up-to-date and not more than three months old. Moreover, identity verification is an ongoing requirement, with businesses needing to verify customer identities in multiple instances as per regulations.
Politically Exposed Persons and EDD Measures
Angola’s Enhanced Due Diligence (EDD) requirements demand that businesses determine if their customers are:
- Politically Exposed Persons (PEPs)
- Hold public offices
- Exhibit a higher risk profile
To fulfill this obligation, Shufti Pro offers an AML Screening service that screens an individual’s selected ID attributes against watchlists of global regulatory authorities, foreign and domestic databases, compromised PEPs, and sanctioned individuals.
Reliance on External Services
Angolan regulations permit businesses to seek the services of a third party to apply measures of due diligence. In this scenario, Shufti Pro will be the external third-party service provider. However, businesses remain liable for maintaining all compliance and fulfilling AML and KYC obligations.
Record Retention
Finally, Angolan law requires businesses to retain data for not less than ten years as part of their AML and KYC obligations for due diligence. This information must be collected and managed by a relevant third party without undue delay.
Conclusion
Angola’s AML/KYC regulations are designed to prevent money laundering and terrorist financing while promoting transparency and accountability in the financial sector. By understanding these requirements, businesses can ensure compliance and avoid potential penalties.
About Shufti Pro
Shufti Pro is a leading provider of AI-powered identity verification and AML screening solutions. Our services help businesses comply with regulatory requirements while ensuring seamless customer onboarding and reduced risk exposure. Learn more about our solutions at www.shuftipro.com.