The Angola Insurance Authority (ARSEG) published a sanctions decision against Aliança Seguros, S.A., imposing a fine of AOA 85,000,000 for breaches of the legal framework on anti-money laundering, counter-terrorist financing and proliferation financing. The decision cites failures to (i) perform a money laundering and terrorist financing risk assessment, (ii) apply customer identification and due diligence procedures due to missing legally required information in individual and corporate client files, (iii) properly retain originals, copies and other durable records evidencing compliance with legal obligations, and (iv) properly meet control obligations. ARSEG referenced Articles 9, 11, 16(1) and 22 of Law No. 05/20, as amended by Law No. 11/24.
Angola Insurance Authority (ARSEG) 2025-12-01
Angola Insurance Authority fines Aliança Seguros AOA 85 million for anti-money laundering, counter-terrorist financing and proliferation financing failures
The Angola Insurance Authority (ARSEG) imposed a fine of AOA 85,000,000 on Aliança Seguros, S.A. for violations of anti-money laundering, counter-terrorist financing, and proliferation financing regulations. The breaches included inadequate risk assessments, failure to apply due diligence, and insufficient record retention. ARSEG cited specific articles of Law No. 05/20, as amended by Law No. 11/24, in its decision.