Banco Nacional de Angola (BNA), the Central Bank of Angola, today announced a series of next step measures to strengthen Angola’s governance and compliance supervisory framework.
The BNA mandated that all institutions under the Bank’s supervision submit audited reports by December 31, 2015. These reports will be verified for completeness and transparency and overall progress in meeting the stringent requirements set out by the Financial Action Task Force (FATF), an intergovernmental body that develops and promotes policies to combat money laundering and terrorist financing.
In addition to mandating audited reports, the BNA issued a detailed series of next step guidelines to support the Bank’s supervisory role in achieving full FATF compliance within the country’s financial system. Training sessions were held with all entities under the Bank’s supervision to guarantee the successful implementation of the BNA mandated procedures. To ensure that the country’s financial sector adheres to global practices, the BNA not only strictly monitors local financial institutions but also penalizes local banks and financial entities that are not fully compliant with the codes and conduct laid out by BNA. These measures represent another significant step forward in Angola’s journey towards being fully compliant with FATF policies as the country looks to implement all of its recommendations.
The original article can be found at internationalbanker.com