Financial Crime World

Anti-Money Laundering Regulations in Angola

Types of Transactions Requiring Reporting

In Angola, the following types of transactions require reporting:

  • Suspicious transactions: Regardless of amount, any transaction that raises suspicions must be reported to the UIF (Unit for Combatting Illicit Financial Activities).
  • Cross-border transactions: No specific threshold is mentioned for cross-border transactions. Reports must include a copy of all documents collected or records made.

Reports and Thresholds

Reports should be filed with the UIF for suspicious transactions, but no threshold is specified for other types of transactions. The reports must include a copy of all documents collected or records made.

Exceptions

There are no specific exceptions mentioned in the regulations, although special or enhanced due diligence requirements apply in certain cases, such as:

  • High-risk customers: Customers that present high-risk factors, including lack of economic reasoning or non-habitual transactions.
  • Operations involving PEPs (Politically Exposed Persons): Operations that involve individuals who hold prominent public positions.

Customer Identification and Due Diligence

Subject entities must verify the identity of:

  • Natural persons: Verify the identity of individual customers.
  • Legal entities: Identify and verify the existence of corporate customers, including their structure and ownership.
  • Trusts and other legal arrangements: Identify trusts and other complex structures, as well as their ultimate beneficiaries.
  • Purpose and nature of business relationships: Obtain information on the purpose and nature of business relationships.

Special or Enhanced Due Diligence Requirements

Special or enhanced due diligence requirements apply in cases where customers or operations present high-risk factors, such as:

  • Distance operations: Operations that take place over long distances or involve anonymous parties.
  • Anonymity: Transactions or operations that involve anonymous parties.
  • PEPs (Politically Exposed Persons): Operations that involve individuals who hold prominent public positions.

Reporting Suspicious Activity

Subject entities must report all committed, attempted, or ongoing activities suspected to be connected with:

  • Money laundering
  • Terrorism financing
  • Proliferation of weapons of mass destruction
  • Other criminal offenses

Information Sharing

There are no mechanisms in place for facilitating information sharing between financial institutions and businesses subject to anti-money laundering controls. Financial institutions are obligated to provide requested information to:

  • UIF (Unit for Combatting Illicit Financial Activities)
  • Supervisory authorities
  • Judicial authorities

Beneficial Ownership and Control

There is no Central Beneficiary Register in Angola, and there is no requirement for accurate information about originators and beneficiaries to be included in payment orders or instructions.