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Anti-Money Laundering (AML) and Combating the Financing of Terrorism and Proliferation Law in Angola

Prevention and Combating Measures

In order to prevent money laundering and financing terrorism, entities with responsibilities in AML/CFT are required to conduct annual sectoral and other risk assessments. Additionally, shell banks are prohibited, and correspondent relationships with them are not allowed.

Duties and Supervision

General Duties (Article 8)

Entities subject to the law must fulfill several general duties:

  • Duty to assess risks: Entities must conduct regular risk assessments to identify potential vulnerabilities.
  • Duty of identification and diligence: Entities must verify the identity of their customers and maintain accurate records.
  • Duty to refuse suspicious transactions: Entities must be able to recognize and refuse suspicious transactions.
  • Duty to keep records: Entities must maintain accurate and detailed records of all transactions.
  • Duty to report suspicious activities: Entities must report any suspicious activities or transactions to the relevant authorities.
  • Duty to abstain from involvement in suspicious activities: Entities must not participate in or facilitate suspicious activities.
  • Duty to cooperate and provide information: Entities must cooperate with competent authorities and provide them with necessary information.
  • Duty of secrecy: Entities must maintain confidentiality and protect sensitive customer information.
  • Duty of oversight: Entities must ensure that their risk management systems are effective and up-to-date.
  • Duty to provide training: Entities must provide regular training to their employees on AML/CFT policies and procedures.

Risk Assessment (Article 9)

Entities subject to the law must adopt suitable measures to identify, assess, understand, and mitigate risks of money laundering and financing terrorism. The assessment should consider factors such as:

  • Nature, size, and complexity of the activity: Entities must evaluate their own characteristics and those of their customers.
  • Country or geographic area where the entity operates: Entities must be aware of the AML/CFT regulations in the countries or regions they operate in.
  • Business lines, products, services, and operations provided: Entities must understand the types of transactions they handle and the risks associated with them.
  • Nature of the customer: Entities must assess the risk level of their customers based on factors such as their location, occupation, and business activities.
  • Track record of the customer: Entities must evaluate a customer’s history of compliance with AML/CFT regulations.
  • Geographic location of the customer: Entities must be aware of the AML/CFT risks associated with different geographic locations.

The nature and extent of the risk assessments should be tailored to the characteristics, size, and complexity of the institution concerned.

Implementation

Entities subject to the law must:

  • Develop and implement internal policies, procedures, and controls to manage and mitigate risks.
  • Monitor the implementation of these procedures and improve them where necessary.
  • Demonstrate the appropriateness of their procedures when requested by competent authorities.