The Central Bank of Mozambique has sanctioned 15 banking institutions operating in the country for various offenses, in particular the Law on Prevention and Combat of Money Laundering and Financing of Terrorism, with fines that together exceed 158 million meticais (2.5 million dollars).
In the statement on sanctions released on Monday, the central bank does not elaborate on the reasons for each of the sanctions applied, but only says that they relate almost entirely to the years 2015 and 2016.
Banco Único, which was penalized by a fine of a higher value of 32 million meticais due to breaches of the Law on Prevention and Combating Money Laundering and Financing of Terrorism, was also punished with two other fines of 400 thousand meticais for breaches of the Law on Credit Institutions and Financial Companies.
This bank is controlled by South African Nedbank, with 50% plus share capital, with Gevisar SGPS being the second largest shareholder (30.23%), a partnership between the Portuguese groups Visabeira and Corticeira Amorim.
The Banco de Moçambique also applied four fines of 24 million meticais each to the Moza, Comercial and Investment (BCI), Mozambican International (BIM) and Barclays banks.
Moza is controlled 84.6% by Kuhanha, the management company of the Pension Fund of the Bank of Mozambique, BCI is owned 51% by Portuguese state bank Caixa Geral de Depósitos and 30% by Banco BPI, while Millennium Bim is held in 66.6% by Banco Comercial Português.
Banco Mais and the United Bank of Africa (UBA) were penalized with fines of 12 million meticais each, while the remaining sanctioned banks were penalized with fines of lower value.