Africa-Press – Angola. The National Bank of Angola (BNA) has imposed fines totaling more than 1.4 million euros on the banks Yetu and BCI, and a manager has also been sanctioned for “serious infractions” in the area of preventing and combating money laundering.
The decisions to convict these entities for committing particularly serious offences in the misdemeanour proceedings against them were published on the BNA website.
The heaviest fine was applied to Yetu Bank, in the amount of one billion kwanzas (963 thousand euros), with the Angolan regulator considering that the institution violated its obligations of “diligence and abstention, when establishing business relations with counterparties”
“Serious deficiencies in the Internal Control system were also highlighted, particularly the insufficient allocation of resources for risk control and management, segregation of responsibilities and mitigation of conflicts of interest, as well as the lack of autonomy and independence of control functions”.
The BNA imposed a sanction of 330.4 million kwanzas (318 thousand euros) on the Banco de Comércio e Indústria (BCI) for failure to comply with risk assessment, identification and due diligence obligations, enhanced due diligence measures, as well as the obligation to abstain, within the scope of the rules and procedures for preventing and combating money laundering, financing terrorism and proliferation of weapons of mass destruction.
João da Costa Ferreira (Former President of the Executive Committee of Banco YETU) was also sanctioned by the BNA, and will have to pay one hundred million kwanzas (96 thousand euros) and will be prohibited from exercising relevant functions or being a member of corporate bodies in financial institutions for a period of three years.
At issue is the “failure to comply with the Code of Conduct for interbank markets, as well as the duty of sound and prudent management of the financial institution”.
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