Angola: Know Your Customer (KYC) Procedures for Domestic and International Persons

The Angolan authorities have implemented strict Know Your Customer (KYC) procedures to combat money laundering and terrorist financing in the country. These requirements apply to both domestic and international persons, including individuals and corporate entities.

Domestic Persons

To onboard domestic persons, financial institutions must collect specific identification information, including:

• Identification Information
  • Full name
  • Signature
  • Address
  • Profession and work place (when applicable)
  • Date of birth
  • Nationality
  • Tax identification number
  • Funds provenience

Corporate Entities

To onboard corporate entities, financial institutions must provide a valid document with the following details:

• Document Details
  • Deeds of incorporation or valid licence
  • Headquarters address
  • Tax identification number
  • Shareholder identification if more than 20% of the voting rights are held
  • Board of directors identification

Beneficial Ownership

Financial institutions must also identify and verify the beneficial owners of corporate entities, including ultimate beneficial owners.

International Persons

To onboard international persons, financial institutions are required to collect additional information, including:

• Identification Information
  • National ID card details
  • Passport details
  • Proof of address in Angola
  • Proof of income or occupation
  • Source of funds
  • Beneficial ownership structure

Risk-Based Approach

The Angolan authorities have adopted a risk-based approach to identify and assess the risks associated with each customer, business relationship, product, transaction, and origin or purpose of funds.

Automated Suspicious Transaction Monitoring Technology

While there is no requirement for financial institutions to use automated suspicious transaction monitoring technology, they are expected to implement effective measures to detect and report suspicious transactions.

SAR Reporting

Financial institutions must report all suspicious transactions to the Angolan authorities within a specified timeframe. The reports must include specific details about the transaction, including:

• SAR Report Requirements
  • Parties involved
  • Type of transaction
  • Amount involved

Penalties for Non-Compliance

Failure to comply with the KYC requirements may result in severe penalties, including fines and imprisonment.

Data Protection Laws

The Angolan authorities have implemented data protection laws to protect personal and corporate data. The laws require financial institutions to implement adequate measures to prevent unauthorized access, disclosure, or loss of sensitive information.

Conclusion

In conclusion, Angola has implemented strict KYC procedures to combat money laundering and terrorist financing in the country. Financial institutions are required to collect specific identification information from both domestic and international persons, including individuals and corporate entities. The risk-based approach adopted by the authorities ensures that financial institutions assess the risks associated with each customer, business relationship, product, transaction, and origin or purpose of funds. Failure to comply with the KYC requirements may result in severe penalties.