Ver Angola

Banking and Insurance

Banking and non-banking financial institutions fined 473.5 million kwanzas for various offenses

The central bank sanctioned banking and non-banking financial institutions in a global amount of 473.5 million kwanzas, in the second quarter of 2023, for various infractions, such as providing false information to the supervisory body.


The National Bank of Angola (BNA), in summary of the sanctioning action for the second quarter of this year, consulted this Wednesday by Lusa, says that it has completed 84 sanctioning processes, 50 of which correspond to "very summary processes".

Of the remaining cases evaluated during this period, 12 correspond to misdemeanors. Of the total number of processes, 55 referred to banking financial institutions and 29 to non-banking financial institutions.

According to the BNA, matters from the behavioral, prudential, with greater registration, and exchange rate forum focused on the infractions of the aforementioned institutions, between 1 April and 30 June this year.

During this period, 31 prudential infractions were registered at the level of banking financial institutions, such as non-compliance with the duty to make periodic contributions to the Deposit Guarantee Fund.

Non-compliance with the duty to report disbursed credit, cybersecurity procedures, corporate security rules, exchange rate position rules and special registration rules were recorded.

In terms of behaviour, the BNA says it has reported providing false information to the supervisory body and non-compliance with procedures on the protection of consumers of financial products and services and specific determinations by the supervisor.

The central bank also recorded non-compliance in foreign exchange matters, namely relating to transfer operations in foreign currency, the duty to report executed foreign exchange operations and exchange violations.

As for non-banking financial institutions, the BNA recorded, in this period, non-compliance with the duty to report foreign exchange operations, the rules to prevent money laundering, the duty to report the report and accounts and the reporting of quarterly balance sheets.

With regard to completed processes, notes the central bank, there was a total of 32 sanctions applied, with three registered warnings and 29 pecuniary sanctions in the global amount of 473.5 million kwanzas.

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