Regulatory Alerts2024-12-09
Instruction No 08/2024 on Registration and Verification of Beneficial Owners in Financial Institutions
The National Bank of Angola has issued Instruction No 08/2024 to mandate the registration and verification of beneficial owners across supervised financial institutions. Institutions must annually report detailed ownership data, including equity percentages, control mechanisms, and ownership structures via email by April 30, accompanied by a Chairman-signed declaration of accuracy. Failure to submit accurate and timely information triggers administrative sanctions under existing money laundering laws, with a mandatory 30-day transitional submission period for historical ownership records.
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