Angola Insurance Authority (ARSEG) published its decision in an administrative transgression case against BIC Seguros, imposing a fine of AOA 70,000,000 following an off-site inspection focused on anti-money laundering and counter-terrorist financing (AML/CFT) matters for the 2024 period. The penalty relates to failure to conduct AML/CFT risk assessments, defective or insufficient identification and due diligence and record-retention practices, and non-compliance with training obligations.
Angola Insurance Authority (ARSEG) 2025-06-10
Angola Insurance Authority fines BIC Seguros AOA 70,000,000 for 2024 AML/CFT compliance breaches
The Angola Insurance Authority (ARSEG) fined BIC Seguros AOA 70,000,000 for AML/CFT violations identified during an off-site inspection for 2024. The infractions included inadequate risk assessments, deficient identification and due diligence, poor record retention, and non-compliance with training requirements.