Regulatory Alerts2023-10-31
Circular Letter No. 07/2023, dated October 31
The Banco Nacional de Angola’s Financial Conduct Department issued Circular Letter No. 07/2023 to mandate financial institutions to implement proportional countermeasures and enhanced due diligence measures in response to the Financial Action Task Force’s October 2023 plenary decisions. The circular requires institutions to apply targeted countermeasures—such as limiting business relations, reviewing correspondent banking, imposing enhanced external audits, restricting third-party reliance, and strengthening reporting—for high-risk jurisdictions North Korea and Iran, while mandating enhanced due diligence for the Union of Myanmar and grey-list countries. It further instructs institutions to consider suspending or terminating transactions if enhanced measures prove insufficient, and notes the continued suspension of Russia’s FATF membership status.