The Angolan National Bank in the second half of last year launched 490 sanction processes, which resulted in the application of 159 cash fines totalling 421.6 million kwanzas (US$800,000), according to information published on the central bank’s website.
The fines were applied via the Department for Regulation and Organisation of the Financial System, as part of the supervision of financial activities from July to December, and 12 warnings were also issued.
Fifty fines were issued to banks in the amount of 288.1 million kwanzas and five warnings given.
The infractions by commercial banks include failing to report foreign exchange operations for import of goods, non-compliance with reporting foreign exchange operation in foreign currency, failing to follow the standards and procedures of foreign exchange operation and not complying with liquidity limits.
In relation to prudential measures, the most notable were non-compliance with registration standards by branches deadlines for periodical reporting, standards on special registration of governing bodies, standards for combating money laundering, corporate governance and internal control systems and failure to report statistics on fraud.
As for financial conduct, the banks failed to file self assessment reports, statistical reports of complaints, bank transfers in foreign currency, standards on combatting money laundering and bank transfers in national currency.
One hundred and eight fines were issued to non-banking institutions in the amount of 133.4 million kwanzas and seven warnings given.
These same institutions also failed to meet deadlines in reporting on rules and procedures of foreign exchange standards, remittance operations, publication of annual reports and accounts, quarterly balance sheets, standards on rules and procedures of their activity, the standards on adjusting minimum capital, amount of credits granted, and the deadlines for periodic and fee reports.