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Anti-Money Laundering Requirements in Angola

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Types of Transactions and Reporting Requirements

In Angola, subject entities are required to report suspicious transactions to the UIF (Unitário de Informação Financeira), regardless of the amount involved. Reports can be made through various means, including hard copy documents, email, or other methods indicated by the UIF. Each report must be accompanied by a copy of all collected documents and records.

Key Reporting Requirements

  • Submit reports to the UIF for suspicious transactions
  • Use various reporting methods (hard copy, email, etc.)
  • Include copies of collected documents and records with each report

Cross-Border Transactions Reporting Requirements

Although not explicitly stated in the text, cross-border transactions are subject to specific requirements. For more information, refer to questions 3.6 and 3.7 above, as well as question 3.17 below.

Customer Identification and Due Diligence Requirements

Subject entities must comply with customer identification and due diligence requirements under the following circumstances:

Key Compliance Situations

  • Establishing a business relationship
  • Occasional transactions
  • Suspecting money laundering, terrorism financing, or proliferation of weapons of mass destruction
  • Inauthentic or inaccurate identification data in relation to previous clients

Required Actions for Due Diligence

  • Verify the identity of natural persons
  • Verify the incorporation of legal entities
  • Identify trusts and other legal arrangements
  • Identify ultimate beneficiaries
  • Obtain information on the purpose and nature of the business relationship
  • Maintain a continued monitorization of the business relationship

Special or Enhanced Due Diligence Requirements

Special due diligence is applicable in cases where:

High-Risk Situations for Enhanced Due Diligence

  • The client’s or operation’s nature, complexity, volume, non-habituality, lack of economic reasoning, susceptibility of being deemed as a crime, or any other high-risk factor so justifies
  • Distance operations
  • Operations that may favor anonymity
  • Operations involving politically exposed people
  • Banking correspondence with banking institutions located abroad
  • Other operations specified by supervisory authorities

Shell Banks

Banks and payment service providers are prohibited from establishing correspondent relationships with shell banks.

Reporting Suspicious Activity

Subject entities must report all committed, attempted or ongoing activities they know, or reasonably suspect, are connected with the offences of money laundering, terrorism financing, proliferation of weapons of mass destruction or any other criminal offence.

Information Sharing

There is no mention of mechanisms facilitating information sharing between financial institutions and other businesses subject to anti-money laundering controls. However, subject entities are obligated to promptly provide the information requested by the UIF, supervisory authorities, and judicial authorities.

Beneficial Ownership and Control

Angola does not yet have a Central Beneficiary Register in place.

Payment Orders and Instructions

The text does not specify whether accurate information about originators and beneficiaries should be included in payment orders for funds transfers.