The Angola Insurance Authority (ARSEG) has published a decision concluding an administrative offence proceeding against BIC Seguros, S.A., resulting in a fine of AOA 70,000,000 following an off-site inspection covering anti-money laundering and counter-terrorist financing controls for 2024. The sanction relates to failures to conduct AML/CFT risk assessments, deficient or insufficient customer identification and due diligence and record-keeping controls, and non-compliance with training obligations.
2025-06-10Angola Insurance Authority (ARSEG)
Angola Insurance Authority imposes AOA 70 million AML and CFT fine on BIC Seguros
The Angola Insurance Authority (ARSEG) fined BIC Seguros, S.A. AOA 70,000,000 after an off-site inspection revealed failures in anti-money laundering and counter-terrorist financing controls for 2024. Deficiencies included inadequate risk assessments, customer identification, due diligence, record-keeping, and training compliance.