Luanda, June 12, 2025 (Lusa) - The Angolan Insurance Regulation and Supervision Agency (ARSEG) has fined BIC Seguros 70 million kwanzas (around €64,700), directing the insurer to strengthen its measures to prevent money laundering and terrorist financing.

According to a statement from the regulator, the decision follows an administrative infringement procedure initiated by the authority after an off-site inspection conducted in 2024.

The insurance company received a penalty because it failed to conduct the required risk assessments, exhibited deficiencies in identification and due diligence procedures, experienced data retention failures, and did not fulfil its obligation to train its employees.

Banco BIC Angola, a financial institution with links to businesswoman Isabel dos Santos, owns BIC Seguros. However, legal proceedings currently limit her formal control over this stake.

According to the regulator, the decision aims to ensure that compliance and prevention mechanisms in the insurance sector are strengthened, “which are fundamental to the stability and integrity of the national financial system.”

BIC Seguros is the sixth largest insurer in the Angolan market, a sector dominated by ENSA, with a share of around 30%, followed by Nossa Seguros, Fidelidade, Sanlam and Mundial.

RCR // MLL

Lusa/fim