Through Instruction No. 13/18, of 19 September 2018, the National Bank of Angola (“BNA”) established the procedures to be followed by Banking and Financial Institutions in order to identify the risk profile of their customers regarding import and export transactions of goods, as well as the measures to be taken to prevent money laundering and the financing of terrorism for high-risk clients.
The level of risk must be assessed at the moment an account is opened, and updated on a regular basis. This is done by analyzing the documentation and information provided by the client on the business model, the main counterparties and countries where they are based, the goods and services that are transacted, and the history and prospects of volume and annual value of operations. Banking and Financial Institutions must prevent high risk clients from making advance payments to settle imports and apply enhanced due diligence procedures.
The Instruction will enter into force on 20 October 2018.
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Mafalda Oliveira Monteiro