The Bank of Mozambique has sanctioned 15 banking institutions that operate in the country for various infractions, specifically the Law on Prevention and Combating Money Laundering and Financing of Terrorism, with fines that together exceed 158 million meticais (US$2.5 million), the central bank said in a statement on Monday.
The central bank did not set out in detail the reasons for each of the sanctions applied, only noting that most dated back to 2015 and 2016.
Banco Único, which received the highest fine of 32 million meticais due to breaches of the Law on Prevention and Combatting Money Laundering and Financing of Terrorism, was also punished with two other fines of 400,000 meticais for breaches of the Law on Credit Institutions and Financial Companies.
Banco Único is controlled by South Africa’s Nedbank, with a capital of 50% plus one share, with Gevisar SGPS being the second largest shareholder (30.23%), a partnership between Portuguese groups Visabeira and Corticeira Amorim.
The Mozambican central bank also applied four fines of 24 million meticais each to Banco Moza, Banco Comercial e de Investimentos (BCI), Banco Internacional de Moçambique (BIM) and Barclays Bank.
Moza is 84.6% controlled by Kuhanha, the management company of the Pension Fund of the Bank of Mozambique, BCI is 51% owned by Portuguese state bank Caixa Geral de Depósitos (CGD) and 30% by Banco BPI, while Millennium Bim is 66.6% owned by Banco Comercial Português (BCP).
Banco Mais and the United Bank of Africa (UBA) received fines of 12 million meticais each, and the remaining sanctioned banks received lower fines.