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.
Angola Insurance Authority (ARSEG) 2025-06-10
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.