Bank of Mozambique fines financial institutions for money laundering

The Bank of Mozambique has sanctioned twenty financial and credit institutions and corporations for alleged money laundering and terrorist financing.

According to the Bank, the sanctions follow the institutions’ lack of identification and verification of customers and other violations. Thus, Millennium bim, of the Banco Comercial Português group, violated the Anti-Money Laundering and Anti-Terrorist Financing Act. The Bank of Mozambique imposed on the company the largest fine of 76 million meticais.

Banco Único and BCI were fined 24 million meticais each, while Vodafone M-Pesa had to pay 10 million meticais for various violations.

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