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Bank of Mozambique fines 20 financial institutions by 2.5 million euros
3:29 CAT | 29 Oct 2019
in file CoM
The Bank of Mozambique announced on Monday that it has fined 20 financial institutions a total of about 2.5 million euros for violations of sector legislation.
The largest fine, about 1.1 million euros, was applied to Millennium Bim for violations committed between 2014 and 2018 under the law on the prevention and combating of money laundering and terrorist financing, a statement from the institution reveals.
The bank, one of the largest in Mozambique, has as its main shareholder Portuguese group BCP, and, according to the regulator, has failed to “identify and verify customers, continuously monitor business relationships”, and fallen short regarding “document retention” and “immediate reporting of suspicious transactions”.
The same shortcomings regarding the same legal framework were identified at Standard Bank and BCI (owned by the Portuguese Caixa Geral de Depósitos and BPI), and punished with fines of around €408,000 and €365,000 euros respectively.
The Standard Bank fine covers the period from 2014 to 2018, and that against BCI the years from 2016 to 2018.
The fines imposed on the latter two banks also includes sanctions under the Credit Institutions and Financial Corporations Act 2018 on records, information and reporting.
Source: Lusa
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