Regulatory Alerts2016-11-16
Guideline No. 24/2016 of November 16 on Enhanced Due Diligence Duties
The National Bank of Angola issued Guideline No. 24/2016 to mandate enhanced due diligence procedures for financial institutions regarding clients with high-risk profiles, including politically exposed persons. The regulation requires institutions to implement risk-based identification mechanisms, verify the origin of funds and wealth, and conduct periodic reviews of high-risk relationships at least annually. Non-compliance with these mandatory norms constitutes an offense punishable under the Legal Framework of Financial Institutions and the Anti-Money Laundering and Counter-Terrorist Financing Law.
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