Anti-Money Laundering and Combating the Financing of Terrorism in Angola

Overview

The laws and regulations related to anti-money laundering (AML) and combating the financing of terrorism (CFT) in Angola aim to prevent and combat money laundering, terrorist financing, and proliferation financing. This article outlines the key duties and responsibilities of entities subject to these laws.

Key Points

Risk Assessments

• Sectoral and Other Risk Assessments: Entities must conduct regular risk assessments to identify, assess, understand, and mitigate risks related to money laundering, terrorist financing, and proliferation.
  • This includes assessing the risk of financial transactions, customers, and business relationships.

Prohibited Activities

• Shell Banks: Shell banks are prohibited in Angolan territory. Banks cannot establish correspondent relationships with shell banks.
• Anonymous Accounts: The opening or maintenance of anonymous accounts is strictly prohibited.

General Duties and Responsibilities

Entities subject to these laws have various duties, including:

Assessment and Mitigation of Risks

• Assess risks related to money laundering, terrorist financing, and proliferation.
• Implement measures to mitigate identified risks.

Customer Due Diligence

• Identify and diligence customers, including:
  • Verifying customer identities
  • Conducting background checks
  • Obtaining necessary documentation

Refusal of Suspicious Transactions

• Refuse transactions that appear suspicious or involve high-risk customers.

Record Keeping and Reporting

• Keep accurate records of financial transactions, including:
  • Customer information
  • Transaction details
  • Risk assessments
• Report suspicious activities to the relevant authorities.

Abstention from Certain Activities

• Avoid engaging in activities that may be used for money laundering or terrorist financing.

Cooperation with Authorities

• Cooperate fully with law enforcement agencies and other regulatory bodies.
• Provide information and assistance as required.

Maintenance of Secrecy

• Maintain customer confidentiality and secrecy.

Oversight and Training

• Establish internal controls and oversight mechanisms to prevent money laundering and terrorist financing.
• Provide regular training to employees on AML/CFT policies and procedures.