Regulatory Alerts2024-03-22
Notice No. 02/2024 on Rules for Preventing and Combating Money Laundering, Terrorist Financing and Proliferation
The National Bank of Angola issued Notice No. 02/2024 to establish comprehensive rules and procedures for financial institutions under its supervision regarding money laundering, terrorist financing, and proliferation of weapons of mass destruction. The regulation mandates periodic institutional risk assessments, strict customer identification and due diligence processes, and the implementation of proportional IT tools to monitor transactions and manage risks. It defines key compliance roles, information sources, and reporting obligations to ensure effective risk mitigation while allowing simplified procedures for smaller or lower-risk institutions.
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