Regulatory Alerts2011-05-26
Notice No. 01/2011 of May 26
The Governor of the National Bank of Angola issued Notice No. 01/2011 to regulate customer identification and due diligence obligations for banking financial institutions in compliance with Anti-Money Laundering and Counter-Terrorist Financing laws. The notice mandates the implementation of Know Your Customer (KYC) and Know Your Business (KYB) procedures, including the appointment of a Compliance Officer and the establishment of risk-based monitoring systems. It details specific identification requirements for individuals and entities, defines Politically Exposed Persons (PEPs), and outlines simplified and enhanced due diligence measures for various transaction types and client categories.
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