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Digital Assets and Anti-Money Laundering: A Growing Concern

As the use of digital assets, such as cryptocurrencies and non-fungible tokens (NFTs), continues to grow, so do concerns about their potential role in money laundering and terrorist financing. In Angola, authorities have taken steps to address these risks by requiring financial institutions and other businesses to implement anti-money laundering (AML) programs.

Regulatory Framework

Angola’s Law 5/20 does not specifically address virtual assets or trading platforms, leaving a regulatory void that needs to be filled. However, the country’s financial intelligence unit (UIF) has approved regulations that require AML programs for all subject entities, including those involved in digital asset transactions.

AML Requirements

To comply with AML requirements, subject entities must implement programs that include:

Compliance control systems
Verification processes
Independent control structure
Effective risk management model

These programs must also cover customer identification and due diligence requirements, as well as reporting of suspicious transactions to the UIF.

Customer Identification and Due Diligence

When establishing a business relationship or performing an occasional transaction, subject entities must:

Identify the ultimate beneficiaries
Verify the incorporation of legal entities
Obtain information on the purpose and nature of the business relationship
Maintain continued monitoring of the relationship and update documents accordingly

Specialized Due Diligence Requirements

Subject entities are required to conduct enhanced due diligence for high-risk clients, including those involved in complex or unusual transactions, or those with a history of suspicious activity.

Suspicious Activity Reporting

Subject entities must report all activities suspected of being connected to money laundering, terrorist financing, or other criminal offenses to the UIF and other relevant authorities.

While there are no specific mechanisms for information sharing between financial institutions and businesses subject to AML controls in Angola, subject entities are obligated to promptly provide requested information to the UIF and supervisory authorities.

Beneficial Ownership and Control

There is currently no Central Beneficiary Register in Angola, making it challenging for government authorities and financial institutions to access accurate information about the beneficial ownership and control of legal entities.

Payment Orders and Instructions

It is not yet a requirement to include accurate information about originators and beneficiaries in payment orders or instructions for funds transfers. However, subject entities are required to maintain records of all transactions and provide requested information to authorities as needed.

Conclusion

As the use of digital assets continues to grow, it is essential for financial institutions and businesses involved in these transactions to implement robust AML programs to prevent money laundering and terrorist financing. By doing so, they can help ensure a safer and more secure financial environment for all stakeholders.