Financial Crime World

Angola’s Financial Institutions Required to Share Information Safely

Combating Money Laundering, Terrorism Financing, and Proliferation of Weapons of Mass Destruction

In an effort to combat money laundering, terrorism financing, and proliferation of weapons of mass destruction, Angola’s financial institutions are required to share information safely with relevant companies. This is part of the country’s anti-money laundering (AML) regulations.

Reporting Large Currency Transactions and Suspicious Activities

According to the Angolan Financial Intelligence Unit (UIF), financial institutions must report large currency transactions exceeding $15,000 or more, as well as suspicious transactions, regardless of the amount involved. These reports must be filed within a specific timeframe and at certain thresholds.

Customer Identification and Due Diligence Procedures

In addition, financial institutions are required to conduct customer identification and due diligence procedures for all clients, including:

  • Verifying their identity
  • Incorporation
  • Business purpose

Enhanced due diligence requirements apply in cases where there is a high-risk factor, such as dealing with foreign shell banks or transactions involving politically exposed individuals.

Information Sharing between Financial Institutions and Government Authorities

To facilitate information sharing between financial institutions and government authorities, Angola’s AML regulations require subject entities to promptly provide requested information to the UIF, supervisory authorities, and judicial authorities. However, there are currently no mechanisms in place for facilitating information sharing between financial institutions themselves.

Improving the AML Framework

Despite this, Angola is taking steps to improve its AML framework. The country has recently implemented measures to ensure that accurate information about beneficial ownership and control of legal entities is maintained and available to government authorities. While a Central Beneficiary Register is not yet in place, efforts are being made to establish such a system in the future.

Conclusion

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Overall, Angola’s financial institutions play a critical role in detecting and preventing money laundering, terrorism financing, and proliferation of weapons of mass destruction. By sharing information safely with relevant companies, these institutions can help ensure that the country’s financial system remains secure and compliant with international AML standards.