Ver Angola

Banking and Insurance

BNA fines banking institutions by 300 million kwanzas

The National Bank of Angola (BNA) concluded, in the first quarter of 2021, 56 sanctioning proceedings against bank financial institutions, 23 resulted in pecuniary fines of 306.5 million kwanzas and 28 were filed.

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The remaining five sanctioning processes had "deferred challenges", announced the central bank, in a statement to which Lusa had access.

The BNA says that, in the period from January 2nd to March 31st, it assessed 149 sanctioning processes, 105 against bank financial institutions and 44 against non-bank financial institutions.

Violations of rules on foreign exchange operations, rules on the liquidity limit, the duty to report statistics and rules on combating and preventing money laundering are among the offenses recorded in banking institutions.

In this period, the central bank closed 64 of the 149 sanctioning processes considered, 56 of which were linked to bank financial institutions and eight to non-bank financial institutions.

The remaining cases "are in the process of assessing the defense arguments presented by the respective institutions, within the scope of the Basic Law for Financial Institutions", argues the BNA.

"Non-compliances of a different nature", namely in terms of foreign exchange, financial and prudential conduct, are present in the 56 closed cases.

The BNA recorded 38 foreign exchange infractions in commercial banks, the majority for breach of rules on foreign exchange transactions, 11 breaches of financial conduct, the majority for breach of the reporting deadline for the self-assessment questionnaire and seven prudential breaches, mostly on breach of rules for special registration of agency networks.

In relation to the eight closed cases, initiated against non-bank financial institutions, for violation of financial and prudential conduct, resulted in the application of fines in the global amount of 12.9 million kwanzas.

Non-bank financial institutions "violated" the reporting deadline for the self-assessment questionnaire and the duty to report on remittance operations, he adds.