Ver Angola

Banking and Insurance

Banks present a high risk of money laundering

The banks present a “high” risk of money laundering and a “medium” risk of terrorist financing, according to sectoral risk assessments conducted by the National Bank of Angola (BNA).

: Lídia Onde
Lídia Onde  

In a statement published on its website, the BNA states that "banking financial institutions present a high level of risk (high threats and high vulnerabilities)" while non-bank institutions, "with a high level of threats and medium-high vulnerabilities, present a level of medium-high risk".

As for the risks of terrorist financing for commercial banks, "it is medium, resulting from a medium level of threats and equally medium level vulnerabilities".

As for non-banking financial sector institutions under BNA supervision, "the level of risk is low for (mobile) payment service providers, while remittance service providers present a medium risk level, with a tendency to high, as a result of weighing medium-high threats and medium-high vulnerability equally".

Faced with the risks of terrorist financing and money laundering, supervised financial institutions must now define and implement the necessary measures to mitigate them, emphasizes the regulator.

Measures should include increasing employee awareness actions about the types and indicators of suspicion related to money laundering, providing regular updates to the management body on the exposure of the financial institution to the risk of money laundering and establishing policies, procedures and clear internal processes to facilitate the identification and dissemination of information on possible activities related to money laundering.

Prevention tools must also be adequate, "making them more robust to monitor customers and transactions proportional to the risk of money laundering and calibrating risk matrices in order to allow the definition of the customer's risk profile".

Furthermore, "financial institutions are also obliged to carry out risk assessments internally so that they are aware of the risk to which they are exposed".

The final result of the sectoral risk assessments was presented on June 7, in Luanda, in a session attended by authorities with supervisory and oversight responsibilities, the Financial Information Unit, courts, the Attorney General's Office, criminal investigation bodies and Financial Institution.


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