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Effective Risk Management Model Crucial for Financial Institutions

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In the fight against money laundering, terrorism financing, and proliferation of weapons of mass destruction, effective risk management models are crucial for financial institutions. According to a recent report by the Angolan government, financial institutions must implement robust programs to prevent and detect these illegal activities.

Recordkeeping and Reporting Requirements

Financial institutions are required to report large currency transactions to the Unit for Inspection and Financial Intelligence (UIF), including transactions exceeding USD 15,000 or more in physical currency. Additionally, they must report suspicious transactions, regardless of amount, to the UIF.

Key Points:

• Report large currency transactions exceeding USD 15,000 or more
• Report suspicious transactions, regardless of amount
• Report to the Unit for Inspection and Financial Intelligence (UIF)

Customer Identification and Due Diligence

To prevent money laundering and other financial crimes, financial institutions must implement customer identification and due diligence requirements. This includes verifying the identity of:

• Natural persons
• Legal entities
• Trusts
• Ultimate beneficiaries

Enhanced Due Diligence Requirements

Financial institutions must apply enhanced due diligence requirements for certain types of customers, including those with high-risk profiles or those involved in complex financial transactions.

Prohibition on Shell Banks

Banks and payment service providers are prohibited from establishing correspondent relationships with shell banks, which have no physical presence in the countries where they are licensed and no effective supervision.

Key Points:

• Prohibit establishing correspondent relationships with shell banks
• Ensure physical presence and effective supervision of licensed institutions

Suspicious Activity Reporting

Subject entities are required to report all committed, attempted, or ongoing activities that are connected with money laundering, terrorism financing, proliferation of weapons of mass destruction, or any other criminal offense.

Key Points:

• Report committed, attempted, or ongoing suspicious activities
• Report connections to money laundering, terrorism financing, proliferation of weapons of mass destruction, or any other criminal offense

Information Sharing

Financial institutions are obligated to provide information requested by the UIF, supervisory authorities, and judicial authorities. However, there is currently no mechanism in place for facilitating information sharing between financial institutions and businesses subject to anti-money laundering controls.

Key Points:

• Provide information requested by UIF, supervisory authorities, and judicial authorities
• No current mechanism for facilitating information sharing

Beneficial Ownership Information

There is currently no Central Beneficiary Register in Angola, making it difficult for government authorities and financial institutions to maintain accurate information about beneficial ownership and control of legal entities.

Key Points:

• No Central Beneficiary Register in Angola
• Difficulty maintaining accurate beneficial ownership and control information

Payment Orders and Instructions

Financial institutions must include accurate information about originators and beneficiaries in payment orders for funds transfers and payment instructions to other financial institutions.

Key Points:

• Include accurate information about originators and beneficiaries
• Report accurate information in payment orders and instructions