Financial Crime World

FINANCIAL INSTITUTIONS MUST ENSURE RISK CONTROL AND SECURITY MEASURES FOR BRANCHLESS BANKING

New Regulations Issued by Angolan National Bank (BNA)

The Angolan National Bank (BNA) has issued new regulations to ensure the security and integrity of branchless banking operations in the country. Financial institutions must establish effective systems to mitigate risks, control security, and supervise relationships with providers and agents.

Risk Control and Security Measures

Financial institutions must:

  • Assign responsibilities and establish clear policies to mitigate risks associated with banking without agencies and banking through agents
  • Implement controls to monitor these risks as part of their work plan
  • Establish systems to control the security of operations outside of agencies, including mobile offices and facilities owned by agents
  • Ensure that relationships with providers and agents are properly supervised

Anti-Money Laundering and Combating Financing of Terrorism

Financial institutions must:

  • Comply with BNA requirements on “know your client” controls and transaction verification methods
  • Take measures to promote the adequate segregation of tasks, applications, and databases between regular operations, electronic banking operations, and branchless banking operations
  • Ensure data integrity, confidentiality, and audit trails for all electronic banking operations and branchless banking operations

Taxation on Branchless Banking Operations

The BNA has clarified that:

  • Transferred amounts, funds in stored value cards, and deposits and withdrawals on accounts are not subject to taxation
  • Fees charged by financial institutions and agents are taxable

Consumer Identification and Account Options

Financial institutions may offer various accounts to their consumers through branchless banking operations, provided they comply with BNA requirements on:

  • Consumer identification
  • Prevention of money laundering
  • Controls on the financing of terrorism

The BNA has published a chart outlining the different account options available to consumers, including limits on debit and credit transactions, maximum balances, and consumer identification requirements.

Compliance Deadline

Financial institutions must comply with these new regulations by [insert date] to ensure the security, integrity, and transparency of branchless banking operations in Angola.