On-shore VASP in Angola

Notice No. 04/2018: Warned the public about the risks associated with virtual currencies, stating that they are not legal tender, are not issued or guaranteed by the BNA, and are not regulated by the BNA or any other Angolan entity.

Notice No. 03/2019: Prohibited Angolan financial institutions (banks, payment service providers, etc.) from carrying out any transactions involving virtual assets, holding them, or providing services related to them.

Registration with the CMC: Any public offering of securities requires prior authorization from the CMC.

Prospectus Requirement: Issuers must publish a detailed prospectus containing all necessary information for investors to make an informed decision.

Regulated Exchanges: Trading would have to occur on a regulated exchange authorized by the CMC. Currently, Angola's sole stock exchange, BODIVA (Bolsa de Dívida e Valores de Angola), does not list or facilitate the trading of cryptocurrency tokens or security tokens.

Lei do Mercado de Valores Mobiliários (Securities Market Law) - Law No. 22/15 of September 11, 2015:

BNA's Prohibitions: The most significant "enforcement" has been the BNA's direct prohibition on financial institutions from engaging with crypto assets (Notice No. 03/2019). This is a preventative regulatory action rather than a reactive enforcement against a specific violation.

AML/CFT Compliance: Exchanges and participants would need to adhere to anti-money laundering and combating the financing of terrorism (AML/CFT) regulations.

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).

Identification and Verification:

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).

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.

Sanctions Screening: Screen clients against national and international sanctions lists (e.g., UN Security Council sanctions).

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.

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.

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

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.

Technology-Specific CDD: For VASPs, this would include verifying wallet ownership where practical and maintaining transaction traceability.

Whether Adopted: No. The FATF Travel Rule, as a specific requirement for VASPs to exchange originator and beneficiary information, has not been adopted. Instead, the BNA has largely prohibited regulated financial institutions from engaging with virtual assets.

Aviso n.º 05/2021 (Notice No. 05/2021) from the Banco Nacional de Angola (BNA), dated 20 October 2021:

Which VASPs are Covered: Not applicable. Angolan regulated financial institutions (banks, payment service providers) are generally prohibited from dealing with virtual assets, directly or indirectly. There is no specific licensing or regulatory framework for independent VASPs in Angola at this time; rather, the ecosystem is largely restricted for regulated entities.

Regulator: Banco Nacional de Angola (BNA)

Entity Targeted: General Public and Financial Institutions (no specific crypto entities named in public enforcement). Violation Type (Implied): Operating unregistered or unregulated financial services, consumer protection risks, lack of legal tender status, money laundering risks. Penalty Amount: Not applicable, as these were warnings, not direct penalties against entities.