Ver Angola

Banking and Insurance

Former BFA deputy warns regulator of “serious breach” of banking rules

Former Vice President of Banco de Fomento Angola (BFA), António Domingues, who resigned last week, alerted the regulator to the “serious breach” of banking sector rules by an executive member of the financial institution.


In the letter, sent to the governor of the National Bank of Angola, José de Lima Massano, dated 2 July and to which Lusa had access, António Domingues expressed his concerns about the violation of the rules applicable to the banking sector of which he was aware, in particular the law to combat money laundering and terrorist financing, as well as the bank's code of conduct.

At issue is a report prepared by the Internal Audit Department of the bank in August 2017, following an alert from the Compliance Department, where "operations described by the bank's executive member that constitute serious non-compliance" of these standards are described and documented.

Neither the report nor the information described there were, at the time, presented to the Board of Directors or to the Audit and Internal Control Committee, denounces the BFA vice president, stressing that the facts and their consequences did not expire.

"It is my understanding that, as a member of the bank's Board of Directors, when I become aware of them, I have a legal and regulatory obligation to inform the supervisory authorities under the terms of the applicable legislation", writes António Domingues.

In addition to Lima Massano, the vice president also informed the chairman of the Board of Directors, Rui Mangueira, the chairman of the Executive Committee, António Catana, as well as the chairmen of the shareholders Unitel and BPI.

Four days later, according to information published on the BFA website, António Domingues ceased functions “at his request”.

In addition to António Domingues, also the former member of the bank's Board of Directors, Otília Carmo Faleiro, ceased his mandate on 8 July.

Contacted by Lusa, BFA said it would comment on the case in the coming days.

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