Electronic Transactions: A New Era for Financial Institutions
In a bid to strengthen the fight against money laundering, terrorist financing, and proliferation, Angolan authorities have introduced new regulations governing electronic transactions.
National Risk Assessment
To identify, assess, and understand the risks related to money laundering and terrorist financing in Angola, a national risk assessment will be conducted every three years. The Supervisory Committee is responsible for leading this initiative, which will involve all relevant national institutions.
Sectoral Assessments
In addition to the national risk assessment, sectoral assessments will also be conducted annually by supervisory authorities and other entities with responsibilities in preventing and combating money laundering and terrorist financing.
Shell Banks and Anonymous Accounts
The new regulations prohibit the establishment of shell banks in Angolan territory and prevent banks from establishing correspondent relationships with such entities. Similarly, anonymous accounts or those under obviously fictitious names are strictly prohibited.
Duties and Supervision
Entities subject to this law must fulfill general duties, including:
- Assessing risks
- Identifying and verifying customer identities
- Refusing suspicious transactions
- Maintaining records
- Reporting suspicious activities
- Abstaining from certain activities
- Cooperating with authorities
- Providing training
They must also adopt suitable measures to identify, assess, understand, and mitigate the risks of money laundering and terrorist financing.
Electronic Transactions
The new regulations cover all electronic transactions conducted through financial institutions on behalf of natural or legal persons, making a sum of money available to beneficiaries in other financial institutions. The originator and beneficiary may be the same person.
These measures aim to enhance transparency and accountability in the financial sector, ultimately protecting Angolan citizens from the risks associated with money laundering, terrorist financing, and proliferation.