Angolan banking system is “lacking” in the prevention of money laundering

22 March 2019

Some Angolan banking institutions are still “lacking” in the prevention of money laundering, an official from the National Bank of Angola (BNA) said on Thursday in Luanda.

Delmise Florentino, head of the Prevention of Money Laundering division of the BNA, said that in addition to “a lack of statements of origin and destination of funds,” there are “institutions that do not have sufficient mechanisms to assess and monitor client risk.”

The official spoke during the conference on “Compliance: Cost or Opportunity” and added that there are still “many institutions” that conduct transactions “without the validation and knowledge of the compliance department” (or acting according to current rules, both internal and external).”

Florentino said that some Angolan banking institutions, “still do not draft a statement of origin and destination of funds,” and those that do “have fewer documents than are necessary to prove the transaction.”

“Some institutions still do not have adequate software, others have it but without generating the necessary warnings to conduct effective due diligence and also to classify the risk through the profile of the transaction,” she said.

Florentino, who at the conference spoke on “Supervisory action of banking financial institutions in the field of money laundering prevention,” underlined that there is still “inadequate diligence in the Angolan banking system.”

“There are many situations in which institutions have in their database clients of private banking services, non-governmental organisations and other risky clients without proper due diligence,” she explained. (Macauhub)