BNA 'fine-toothed' operations that indicate money laundering in Angolan banking and concludes that the risk is "medium".

An assessment by the National Bank of Angola (BNA) concluded that the risk exercise for terrorist financing in commercial banks is medium, this results from a medium and vulnerable level of threats.

The Money Laundering Risk sector within the scope of the implementation of the system for preventing and combating money laundering, terrorist financing and the proliferation of weapons of mass destruction, is determined based on the combination of threats and vulnerabilities.

Regarding the risk of money laundering, banking financial institutions present a high level of risk. And, they are required to carry out risk assessments internally so that they are aware of the risk to which they are exposed.

According to the World Bank, sectoral risk assessments were conducted using the BM's risk assessment methodology. And, to avoid future risks, the central bank must define and implement the measures necessary to mitigate them.

These measures include increasing employee awareness actions on the types and indicators of suspicion related to money laundering, providing regular updates to the management body on the financial institution's exposure to the risk of money laundering, establishing internal policies, procedures and processes to facilitate the identification and dissemination of information to the FIU on possible activities related to money laundering, adapt prevention tools, making them more robust to monitor customers and transactions proportional to these risks and calibrate risk matrices.

However, non-bank financial institutions present a medium-high level of risk. As for non-banks, but which are under the supervision of the BNA, their risk level is low, and for payment service providers (mobile), remittance service providers present a medium risk level, with a tendency towards high, result of weighing medium-high threats and medium-high vulnerability equally.

BNA 'fine-toothed' operations that indicate money laundering in Angolan banking and concludes that the risk is "medium"

An assessment by the National Bank of Angola (BNA) concluded that the risk exercise for terrorist financing in commercial banks is medium, this results from a medium and vulnerable level of threats.

Jun 18, 2024 - 11:10
BNA 'fine-toothed' operations that indicate money laundering in Angolan banking and concludes that the risk is "medium"
© Photography by: DR
BNA 'fine-toothed' operations that indicate money laundering in Angolan banking and concludes that the risk is "medium"

The Money Laundering Risk sector within the scope of the implementation of the system for preventing and combating money laundering, terrorist financing and the proliferation of weapons of mass destruction, is determined based on the combination of threats and vulnerabilities.

Regarding the risk of money laundering, banking financial institutions present a high level of risk. And, they are required to carry out risk assessments internally so that they are aware of the risk to which they are exposed.

According to the World Bank, sectoral risk assessments were conducted using the BM's risk assessment methodology. And, to avoid future risks, the central bank must define and implement the measures necessary to mitigate them.

These measures include increasing employee awareness actions on the types and indicators of suspicion related to money laundering, providing regular updates to the management body on the financial institution's exposure to the risk of money laundering, establishing internal policies, procedures and processes to facilitate the identification and dissemination of information to the FIU on possible activities related to money laundering, adapt prevention tools, making them more robust to monitor customers and transactions proportional to these risks and calibrate risk matrices.

However, non-bank financial institutions present a medium-high level of risk. As for non-banks, but which are under the supervision of the BNA, their risk level is low, and for payment service providers (mobile), remittance service providers present a medium risk level, with a tendency towards high, result of weighing medium-high threats and medium-high vulnerability equally.