Regulatory Alerts2020-06-21
Notice No. 14/2020 of 22 June
The Banco Nacional de Angola issued Notice No. 14/2020 to align financial institutions' regulatory framework with Law No. 05/20 by establishing detailed operational rules for money laundering, terrorism financing, and proliferation financing prevention. The Notice mandates comprehensive risk assessments, standardized client identification procedures, robust software tools, and clear reporting obligations to ensure compliance with international best practices. It further specifies risk assessment frequencies, approved information sources, beneficial ownership verification mechanisms, and simplified due diligence options to tailor regulatory burdens to each institution's size and complexity.
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