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Prevention and Combating of Money Laundering and Financing of Terrorism and Proliferation in Angola

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Shell Banks

Shell banks are prohibited in Angola, as stated in Article 6, Section 1. This means that banks cannot establish correspondent relationships with shell banks.

Correspondent Relationships

Banks are prohibited from establishing correspondent relationships with shell banks (Article 6, Section 2).
To avoid this, banks should take steps to ensure they do not establish correspondent relationships with respondent banks that allow their accounts to be used by shell banks (Article 6, Section 3).

Anonymous Accounts

The opening or maintenance of anonymous accounts is strictly prohibited in Angola.

Duties and Supervision

Entities subject to this law have several general duties:

Duty to Assess Risks: Entities must assess the risks associated with money laundering and the financing of terrorism and proliferation.
Duty of Identification and Diligence: Entities must verify the identity of their customers and conduct due diligence on them.
Duty to Refuse Suspicious Transactions: Entities must refuse transactions that appear suspicious or are related to money laundering.
Duty to Keep Records: Entities must keep accurate records of all transactions, customer information, and other relevant data.
Duty to Report Suspicious Transactions: Entities must report any suspicious transactions to the authorities.
Duty to Abstain from Certain Activities: Entities must avoid engaging in activities that are prohibited or related to money laundering.
Duty to Cooperate with Authorities: Entities must cooperate fully with law enforcement and other regulatory agencies.
Duty of Secrecy: Entities have a duty to maintain the confidentiality of customer information.
Duty of Oversight: Entities must establish adequate internal controls and oversight mechanisms.
Duty to Provide Training: Entities must provide training to their employees on anti-money laundering procedures.

Risk Assessment

Entities must adopt suitable measures to identify, assess, understand, and mitigate the risks associated with money laundering and the financing of terrorism and proliferation.

Factors to Consider

When conducting a risk assessment, entities should consider factors such as:

Nature, size, and complexity of the entity’s activity: The nature of the business, its size, and level of complexity can impact the risk of money laundering.
Country or geographic area where the entity operates: Entities operating in high-risk countries or regions may face higher risks of money laundering.
Business lines and products offered: Certain business lines or products may be more susceptible to money laundering.
Customer characteristics and track record: The type of customers an entity serves, as well as their history with the entity, can impact the risk of money laundering.
Transaction types and volumes: The types of transactions entities process, as well as their volume, can also impact the risk of money laundering.
Geographic location of customers: Entities serving customers in high-risk geographic areas may face higher risks of money laundering.

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