KYC Requirements for Investing in Angola
Know Your Customer (KYC) requirements are mandatory for all participants in Angola’s financial markets. Under Law 5/20 (AML/CFT) and BNA/CMC implementing regulations, financial institutions and intermediaries must verify the identity of all clients before opening accounts or executing transactions.
Standard KYC Documentation
All investors — whether resident or non-resident — must provide the following:
| Document | Resident Investors | Non-Resident Investors |
|---|---|---|
| Identity Document | Bilhete de Identidade (BI) or passport | Valid passport |
| Tax ID (NIF) | Mandatory | Angolan NIF or foreign tax ID |
| Proof of Address | Utility bill or bank statement (within 3 months) | Certified document from country of residence |
| Source of Funds | Declaration of income or employment | Bank statements, employment letter, or tax return |
| Photograph | Required | Required |
| Investment Account Application | Completed form | Completed form with notarized signature |
Non-resident investors opening accounts under Aviso 15/19 must have their documents apostilled or notarized by an Angolan consulate.
Beneficial Ownership Identification
For legal entities (companies, trusts, foundations), KYC extends to identifying the ultimate beneficial owners (UBOs):
- All natural persons holding 25% or more of ownership or voting rights must be identified
- Where no individual meets the 25% threshold, the senior managing official is identified as UBO
- Complex ownership structures require documentation of the full chain of ownership
Enhanced Due Diligence (EDD) Triggers
Financial institutions must apply EDD in the following circumstances:
- Politically Exposed Persons (PEPs): Current or former senior government officials, their family members, and close associates
- High-risk jurisdictions: Clients from countries on the FATF grey or black lists
- Complex structures: Layered corporate structures, trusts, or nominee arrangements
- High-value transactions: Transactions above BNA-defined thresholds
- Unusual patterns: Activity inconsistent with the client’s stated profile
EDD measures include obtaining senior management approval, enhanced ongoing monitoring, and additional source of wealth documentation.
Ongoing Monitoring
KYC is not a one-time exercise. Obliged entities must:
- Update client information at least annually for high-risk clients and every three years for standard-risk clients
- Monitor transactions for suspicious activity and file STRs with the UIF when warranted
- Screen clients against sanctions lists (UN, EU, domestic)
- Review and update risk classifications periodically
Practical Considerations for Diaspora Investors
Diaspora investors face additional practical challenges in completing KYC from abroad. Key recommendations include:
- Contact the target financial institution early to confirm specific document requirements
- Use Angolan consulates for document notarization and apostille services
- Allow 2-4 weeks for the remote account opening process
- Maintain digital copies of all submitted documentation
For country-specific guidance, see the account-opening guides for Portugal, Brazil, UK, USA, and South Africa.