Regulatory Alerts2024-03-21
Circular Letter No. 02/2024, dated 20 March
The Bank of Angola issued Circular Letter No. 02/2024 to implement the Financial Action Task Force's February 2024 plenary outcomes, mandating financial institutions to apply targeted countermeasures and enhanced due diligence across updated high-risk, grey-listed, and newly monitored jurisdictions. The directive requires institutions to limit or terminate business relationships, strengthen correspondent banking, and report atypical transactions for countries under countermeasures like North Korea and Iran, while adapting enhanced due diligence specifically to the Union of Myanmar. Furthermore, it mandates proportional risk-based monitoring for jurisdictions under continuous FATF review and confirms the removal of Barbados, Gibraltar, Uganda, and the UAE from active monitoring, with all measures taking effect upon publication.