Financial Crime World

BNCTL’s High-Risk Compliance Measures Revealed

A recent assessment has identified BNCTL as a high-risk institution, necessitating enhanced compliance measures to combat money laundering and terrorist financing. In response, BNCTL is implementing a series of stringent controls to strengthen its anti-money laundering and combating the financing of terrorism (AML/CFT) program.

Correspondent Banking

BNCTL’s correspondent banking activities will now be subject to increased scrutiny, with enhanced due diligence measures in place for account opening and transaction processing. This includes:

  • Providing detailed originator information, including:
    • Name
    • Address
    • National identity number or customer identification number

Wire Transfers

All wire transfers above USD 1,000 will require standard costumer due diligence, unless there is a suspicion of AML/CFT in which case enhanced due diligence will be applied. BNCTL has also established requirements for originator information, which may be waived for batch transactions provided certain conditions are met.

Internal Organization

The Compliance Office, led by Mr. Manuel António da Luz, will oversee the implementation of these measures and ensure that all branches and units of BNCTL comply with the new standards.

Auditing and Reporting

Regular auditing by internal and external auditors will be conducted to ensure compliance with AML/CFT regulations. The Compliance Officer will also prepare an annual report detailing the effectiveness of BNCTL’s AML/CFT program, which will be reviewed and approved by the Board of Directors.

Annual Report

The annual report will include:

  • A detailed assessment of BNCTL’s AML/CFT fitness, including information on its systems, control objectives, and procedures.
  • An assertion from the Chairman of the Board of Directors.
  • An opinion from the internal auditor.

Implementation and Monitoring

BNCTL has committed to implementing these measures across all its branches and units in 12 municipalities and the Oe-cuse region. The Compliance Officer and Internal Audit will monitor compliance, with supervision from the Board of Directors.

In response to the high-risk assessment, BNCTL is taking a proactive approach to strengthening its AML/CFT program, demonstrating its commitment to transparency and regulatory compliance.