Angola -- AML/CFT Compliance Regulatory Overview

Angola's regulatory framework for Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) is primarily governed by a comprehensive law that, while not explicitly detailing cryptocurrency or virtual asset service providers (VASPs) with specific regulations, is generally understood to extend to them through the broad definitions of financial activities and reporting entities, particularly in line with international standards set by the Financial Action Task Force (FATF).

It's important to note that specific, dedicated legislation for virtual assets is still evolving in many African nations, including Angola. Therefore, VASPs are expected to comply with the general AML/CFT framework, often interpreted to cover their activities.

I. AML/CFT Legislation

The primary legislation governing AML/CFT in Angola is:

1. Lei n.º 5/20, de 27 de Janeiro – Lei sobre a Prevenção e Combate ao Branqueamento de Capitais, Financiamento do Terrorismo e Proliferação de Armas de Destruição em Massa (Law No. 5/20, of January 27 – Law on the Prevention and Combat of Money Laundering, Financing of Terrorism and Proliferation of Weapons of Mass Destruction).
   • This law repealed and replaced the previous Law No. 3/14 of February 10, 2014. It aligns Angola's framework more closely with international FATF recommendations.
   • While it doesn't specifically name "virtual asset service providers" or "cryptocurrency," it defines "reporting entities" (or "obliged entities") broadly to include financial institutions and designated non-financial businesses and professions (DNFBPs) that engage in activities susceptible to ML/FT. VASPs are typically brought under the scope of such laws either directly as financial institutions, as DNFBPs, or through subsequent regulatory directives from the central bank or financial intelligence unit.

Note on Virtual Assets: The Banco Nacional de Angola (BNA) has historically issued warnings regarding the use of cryptocurrencies (e.g., Notice No. 01/2018), highlighting their risks and reiterating that they are not legal tender. While these are warnings and not specific regulations, they indicate an awareness of the asset class and a cautious approach from the central bank, implying that any entity dealing with them would be subject to stringent AML/CFT scrutiny.

II. Customer Due Diligence (CDD) Requirements

Under Law No. 5/20 and general AML principles, VASPs in Angola would be expected to implement robust CDD measures, typically including:

1. Identification and Verification:
   • Individual Clients: Obtain and verify identity (full name, address, date of birth, nationality, unique identification number from official documents like passport or national ID card).
   • Legal Entities/Companies: Obtain and verify legal name, registration number, address, articles of incorporation, details of beneficial owners (BOs) – identifying individuals who ultimately own or control more than a specified percentage (e.g., 25%) of the entity, senior managing officials, and proof of legal existence.
2. Purpose and Nature of Business Relationship: Understand the purpose and intended nature of the business relationship or transaction.
3. Source of Funds/Wealth: For high-risk clients or transactions, collect information on the source of funds or wealth involved.
4. Ongoing Monitoring: Continuously monitor the business relationship and transactions to ensure consistency with the institution's knowledge of the customer, their business, risk profile, and, where necessary, the source of funds.
5. Politically Exposed Persons (PEPs): Implement specific procedures to determine if a customer or beneficial owner is a PEP, and apply enhanced CDD (ECDD) measures, including senior management approval for establishing or continuing relationships with PEPs, and reasonable measures to establish the source of wealth and funds.
6. Sanctions Screening: Screen clients against national and international sanctions lists (e.g., UN Security Council sanctions).
7. Risk-Based Approach: Apply CDD measures on a risk-sensitive basis. More intense measures should be applied to higher-risk situations (e.g., complex transactions, non-face-to-face relationships, clients from high-risk jurisdictions, transactions involving large sums).
8. Technology-Specific CDD: For VASPs, this would include verifying wallet ownership where practical and maintaining transaction traceability.

III. Suspicious Transaction Reporting (STR)

Reporting entities, including VASPs if deemed within scope, are obligated to report suspicious transactions to the Financial Intelligence Unit (UIF).

• Obligation to Report: Any transaction, attempted transaction, or activity that raises suspicion of money laundering, terrorist financing, or proliferation financing must be reported.
• Promptness: Reports must be made promptly, typically within a few days of forming a suspicion.
• No Tipping-Off: Reporting entities and their employees are prohibited from disclosing to the customer or third parties that an STR is being or has been filed.
• Immunity: Reporting in good faith provides protection from legal liability.

IV. Record-Keeping Obligations

Reporting entities must maintain records for a specified period, typically:

• Customer Identification Records: All documents and information obtained during the CDD process (e.g., copies of identification documents, business registration documents, beneficial ownership information).
• Transaction Records: Details of all financial transactions, including amounts, currencies, dates, parties involved, and any specific notes or instructions.
• STRs and Related Information: Copies of all suspicious transaction reports filed and any internal analysis or documentation supporting the suspicion.
• Duration: Records must typically be kept for a minimum of five to seven years after the business relationship has ended or after the date of an occasional transaction.

V. Oversight Authority

The primary authorities responsible for AML/CFT compliance in Angola are:

1. Unidade de Informação Financeira (UIF) – Financial Intelligence Unit:

   • Role: The UIF is the central national authority responsible for receiving, analyzing, and disseminating suspicious transaction reports (STRs) and other relevant financial intelligence to law enforcement agencies for investigation and prosecution of ML/FT offenses. It also has a role in supervising compliance.
   • URL: While the UIF Angola may not have a dedicated public website with direct regulations, its functions are defined in Law No. 5/20. You would typically find information via the Ministry of Finance or other government portals. A direct, independent UIF website URL for Angola is not readily available publicly; operations are often integrated into other government or central bank functions or are less publicly outward-facing.

2. Banco Nacional de Angola (BNA) – National Bank of Angola:

   • Role: As the central bank, the BNA is the primary regulator and supervisor of financial institutions in Angola. While it hasn't issued specific VASP regulations, any financial entity operating in Angola (or performing financial-like services) falls under its general purview. It sets prudential rules and ensures compliance with AML/CFT obligations by regulated financial entities. Given the BNA's past warnings on crypto, it would be the likely body to issue any future VASP-specific licensing or AML directives.
   • URL: https://www.bna.ao/

3. General Inspectorate of Finance (IGF):

   • Role: The IGF often plays a role in supervising compliance across various sectors, particularly for non-financial businesses and professions, and ensuring adherence to financial regulations.

Angola is also a member of the Intergovernmental Action Group against Money Laundering in West Africa (GIABA), a FATF-style regional body, which provides mutual evaluations and guidance on AML/CFT compliance.

Disclaimer: This information is provided for general informational purposes only and does not constitute legal advice. The regulatory landscape for virtual assets is constantly evolving, particularly in developing economies. Any VASP operating or intending to operate in Angola should seek professional legal counsel to ensure full compliance with current laws, regulations, and any forthcoming specific directives.