{"id":27329,"date":"2022-10-05T15:46:47","date_gmt":"2022-10-05T15:46:47","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-imposes-fines-against-financial-institutions"},"modified":"2022-10-05T15:56:24","modified_gmt":"2022-10-05T15:56:24","slug":"central-bank-imposes-fines-against-financial-institutions","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-imposes-fines-against-financial-institutions","title":{"rendered":"Central Bank imposes fines against financial institutions"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Mozambique. <\/strong><\/span>The Bank of Mozambique has imposed fines on seven commercial banks, one financial institution and four microfinance operators for the period between June 2021 and August 2022 over violations of prudential, foreign exchange and prevention and fight against money laundering and financing of terrorism.<\/p>\n<p>These are Standard Bank Mozambique, First Capital Bank Mozambique, United Bank For Africa Mozambique, Vodafone MPESA, ABSA Bank Mozambique, Banco Comercial e de Investimentos, Access Bank and Moza Banco, with the smallest fine, among the credit institutions.<\/p>\n<p>The heaviest penalty was handed down to Standard Bank in the sum of 96,851,350 meticais (about 1.5 million US dollars at the current exchange rate)<\/p>\n<p>Mozambique\u2019s Central Bank imposed the heaviest penalty following the discovery of new parallel networks in addition to the single national network \u2013 SIMO.<\/p>\n<p>Other irregularities include violation of a specific determination of the Bank of Mozambique that prohibits carrying out foreign exchange transactions using exchange rates different from the reference rates on the foreign exchange market and violation of the duty of information in carrying out foreign exchange transactions.<\/p>\n<p>Banco de Mo\u00e7ambique also sanctioned microfinance operators Khula Microcr\u00e9dito, Virg\u00edlio Artur Milisse, Assucena Milice and Mauro Vicente das Dores Goca.<\/p>\n<p>In a statement, the Bank of Mozambique said that the fines, which ranged from 268,000 meticais to almost 97 million meticais (1.5 million US dollars).<\/p>\n<p>Among the infractions committed by the institutions sanctioned are violation of duty to provide information when carrying out foreign exchange transactions, violation of the duty to report suspicious operations and opening branches without prior authorisation.<\/p>\n<p>In another statement, the Bank of Mozambique said it had imposed fines of between 155,000 to nine million meticais against Absa Bank, Acces Bank, Mais Microcr\u00e9dito, Banco Letshego and Standard Bank for violations of rules of conduct.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/mozambique\">Mozambique<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Mozambique. The Bank of Mozambique has imposed fines on seven commercial banks, one financial institution and four microfinance operators for the period between June 2021 and August 2022 over violations of prudential, foreign exchange and prevention and fight against money laundering and financing of terrorism. These are Standard Bank Mozambique, First Capital Bank [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":27328,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,281,283],"class_list":["post-27329","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Central Bank imposes fines against financial institutions - Mozambique<\/title>\n<meta name=\"description\" content=\"The Bank of Mozambique has imposed fines on seven commercial banks, one financial institution and four microfinance oper ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-imposes-fines-against-financial-institutions\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Central Bank imposes fines against financial institutions\" \/>\n<meta property=\"og:description\" content=\"The Bank of Mozambique has imposed fines on seven commercial banks, one financial institution and four microfinance oper ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-imposes-fines-against-financial-institutions\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-05T15:46:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-05T15:56:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/10\/postQueueImg_5-633da9071d8f6.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"749\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-imposes-fines-against-financial-institutions#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-imposes-fines-against-financial-institutions\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Central Bank imposes fines against financial institutions\",\"datePublished\":\"2022-10-05T15:46:47+00:00\",\"dateModified\":\"2022-10-05T15:56:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-imposes-fines-against-financial-institutions\"},\"wordCount\":307,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-imposes-fines-against-financial-institutions#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/10\/postQueueImg_5-633da9071d8f6.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-imposes-fines-against-financial-institutions#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-imposes-fines-against-financial-institutions\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-imposes-fines-against-financial-institutions\",\"name\":\"Central Bank imposes fines against financial institutions - 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