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Angola: Money Laundering, Terrorism Financing and Proliferation of Weapons of Mass Destruction

27/03/2024

Angola: Money Laundering, Terrorism Financing and Proliferation of Weapons of Mass Destruction

By way of Order 2/24, of 22 March 2024, the Angolan Central Bank (BNA) adopted the regulations (“Regulations”) for implementation of Law 5/20, of 27 January 2020, on the Prevention and Combating of Money Laundering, Terrorist Financing and Proliferation of Weapons of Mass Destruction applicable to financial institutions (banks). Below are some practical highlights of the new Regulations:

  • Banks must engage in a risk assessment process every 12 months (or 24 months in certain cases);
  • Banks must suspend any operation or freeze an account if:
    1- The operation is considered suspicious;
    2- It involves a person or entity which is part of a blocked, sanctions or restricted list.
  • Banks cannot open anonymous accounts or accounts under fictitious names;
  • Banks must keep and preserve information for any operation (or related operations) equal to or higher than USD 15.000;
  • In case of corporate clients, the ultimate beneficiary owner (UBO) of such client must always be identified;
  • In addition to the identity information on the clients/UBOs, banks must also obtain or assess the following additional elements:
    1- Source of client’s funds and wealth;
    2- Proof that the funds were obtained in a legitimate manner;
    3- Client’s reputation and background;
    4- Information on client’s family relatives and business partners.
  • Risk management procedures are reinforced for clients/operations involving (i) high  risk jurisdictions, (ii) private banking clients, and (iii) politically exposed persons (PEPs);
  • Banks must immediately report to BNA (Financial Information Unit) any operation involving a crime of money laundering, terrorist financing or proliferation of weapons of mass destruction or any other crime;
  • Banks must create internal channels for receiving reports and complaints regarding the above crimes;
  • Each bank must have a Compliance Officer;
  • In case the bank decides to terminate the relationship with a client, it must;
  • Immediately stop any operation or transfer related to that client;
  • Close the account and request the client to transfer the funds to another bank or withdraw the funds within 30 days.

Banks must submit an annual report to BNA on their policies and procedures to prevent and manage risks associated with money laundering, terrorist financing and proliferation of weapons of mass destruction.

Rui Amendoeira, OneLegal Partner.

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Angola: Travel Agency Regulations

19/03/2024

Angola: Travel Agency Regulations

Travel agencies are subject to new regulations (“Regulations”) adopted by Presidential Decree 72/24, of 15 March 2024. Below are the Regulations highlights:

  1. Angolan travel agencies can provide the following main services:
  • Organize touristic trips/tours;
  • Make reservations in hotels and other accommodation;
  • Sell transportation tickets;
  • Represent foreign travel agents;
  • Provide support and assistance to customers (airport pick up, transportation, hotel check-in/out, etc).
  1. Travel agencies can provide the following accessory services:
  • Obtain passports, visas or other travel documents;
  • Organize events such as conferences, seminars, congresses, summits, meetings, etc;
  • Sell event tickets;
  • Provide advice and assistance on foreign exchange transactions;
  • Assist customers in rent-a-car contracts;
  • Sell travel insurance;
  • Sell touristic guides;
  • Provide touristic transportation;
  • Assistance in museum, monuments and historical visits.
  1. Travel agencies are sub-classified as:
  • Travel and Tourism Agencies;
  • Tourism Agencies;
  • Tourism Operators.
  1. Travel agencies must obtain a license to be issued by:
  • The Ministry of Tourism in case of Travel and Tourism Agencies;
  • The Provincial Government in case of Tourism Agencies;
  • The Local Administration in case of Tourism Operators.

Licenses are valid for 5 years (renewable).

Existing licenses will remain in force. However, they must be adjusted to the requirements of the new Regulations within 90 days.

Travel agencies must post a bond to the licensing entity and take out insurance for their activities. The bond and insurance minimum amounts are set by separate instrument.

Each travel agency must appoint a duly qualified “Technical Director” (Director Técnico). Technical Directors can only work for one travel agency.

  1. Licensing entities (Ministry of Tourism, Provincial Government of Local Administration) must keep an updated recorded of licensed travel agencies containing the following minimum information (among other elements):
  • Travel agency name;
  • Taxpayer number;
  • Activity description;
  • Location of head office and other offices;
  • Names of directors and managers;
  • Brand name(s) used by the agency;
  • Amount and form of bond(s) provided.

Travel agencies must have a dedicated offices(s), exclusively used for their activities. The licensing entity may authorize other activities to be carried out in the same office provided they do not pose a conflict with the travel & touristic activities.

Travel agencies may have sale desks in hotels, airports, railway stations, port terminals, shopping centers or similar places.

Duly identified staff of travel agencies may have access to the inside areas of airports, ports, railway stations, marinas, customs offices and similar places.

All travel agency offices must have a “Complaints Book” which must be immediately made available to customers upon request.

  1. In case of international tourism trips, the travel agency must provide in writing the following information to its customers prior to departure:
  • Any visa or passport requirements;
  • Health requirements;
  • Information on medical assistance in case of illness or accident.

This information may be included in the Trip Program.

Visits to museums, monuments, classified places, historical centers, etc, must be accompanied by a touristic guide.

  1. Travel agency contracts must include the following minimum information:
  • Details of the travel agency;
  • Trip price (including reservation/upfront payment and subsequent payments if applicable) and date;
  • Trip itinerary and duration of each stay;
  • Participants;
  • Accommodation details;
  • Transportation details;
  • Visits, excursions and other services included in the price;
  • Optional services not included in price;
  • Trip insurance details;
  • Other specific items requested by customer and accepted by agency;
  • Customer complaint terms and maximum penalties to travel agency in case of breach of contract.

Customer may be substituted by another person (who meets the trip requirements) until 7 days before the start of the trip (or 15 days in case of cruises or long-haul flights).  However, customer remains jointly liable for payment of the trip price.

Customer may cancel the trip at any time prior to departure. The travel agency must reimburse customer of any amount(s) paid, less an amount not exceeding 15% of the price and any appropriate costs incurred by the agency.

If customer is unable to complete the trip for reasons beyond his/her control, the travel agency must provide assistance to the customer until the point of departure or arrival.

Hotels and other touristic establishments cannot engage in anti-competitive practices, among themselves or in collusion with travel agencies.

Hotels and other touristic establishments must inform travel agencies in advance in case they post direct rates cheaper than rates charged to such agencies.

Unless otherwise agreed between the hotel and the travel agency, payment by the travel agency must be made within 30 days of check-out.

  1. Hotel reservations may be cancelled by the travel agency without penalty if the cancellation is communicated in writing to the hotel:
  • 15 days in advance if more than 50% of the reservations are cancelled;
  • 10 days in advance if more than 25%, but less than 50%, of the reservations are cancelled;
  • 5 days in advance if less than 25% of the reservations are cancelled or in case of individual reservations.

Provided the above advance notice is observed, the hotel must refund the travel agency in full.

The previous travel agency regulations contained in Presidential Decree 232/15, of 30 December 2015, are revoked.

Rui Amendoeira, OneLegal Partner.

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