Financial Crime World

Angola’s Banking Sector Receives Boost from FSVC: AML Regulations Strengthened

FSVC’s Support to Angola’s Commercial Banking Sector (2010-Present)

The Financial Services Volunteer Corps (FSVC) has been bolstering Angola’s commercial banking sector since 2010. The primary focus areas have been:

  • Strengthening small and medium-sized enterprises (SMEs)
  • Reducing money laundering and corruption
  • Enhancing bank supervision
  • Improving public financial management

Donations and Current Programs

FSVC has contributed over $4.9 million worth of services to Angola, as of recent data. There are several ongoing programs that demonstrate its commitment:

1. Strengthening Anti-Corruption Efforts

FSVC is currently enhancing anti-corruption efforts and procedures in Angola, Eswatini, and Lesotho.

2. AML/CFT Supervision

The organization is working to strengthen the Bank of Angola (BNA)’s AML/CFT (Anti-Money Laundering and Combating the Financing of Terrorism) supervision and prudential banking supervision.

3. Collaborating with the Angolan Banking Association (ABANC)

FSVC is supporting ABANC members in improving their AML capacity to ensure a robust financial system.

Past Programs

Over the years, FSVC has initiated various projects to further develop Angola’s banking sector:

1. Combating Corruption (2021)

In 2021, FSVC launched an initiative to reduce corruption in Angola, following a grant from USAID/Southern Africa.

2. Enhancing Risk Management and SME Lending Practices (2014)

Through a partnership with World Business Capital (WBC), FSVC collaborated with a local commercial bank in Angola to improve risk management and SME lending practices.

3. Encouraging Transparent Management of Public Finances (2014-Present)

Since October 2014, FSVC has worked under a cooperative agreement with USAID to encourage stronger and more transparent management of Angola’s public finances.

Influencing Angola’s Banking Sector

FSVC’s contributions have significantly impacted Angola’s banking sector, leading to the development of a more robust and transparent industry and further strengthening the country’s AML regulations.