The decisions condemning these entities for committing particularly serious offences in the contravention proceedings against them were published on the BNA’s website on Tuesday.
The heaviest fine was imposed on Yetu bank, 1 billion kwanzas (€963,000), with the Angolan regulator considering that the institution had violated its obligations of “diligence and abstention when establishing business relationships with counterparties”
“Serious deficiencies in the Internal Control system were also pointed out, emphasising the insufficient allocation of resources for control and risk management, segregation of responsibilities and mitigation of conflicts of interest, as well as the lack of autonomy and independence of the control functions.”
The BNA sanctioned Banco de Comércio e Indústria (BCI) 330.4 million kwanzas (€318,000) for non-compliance with the obligations of risk assessment, identification and due diligence, 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, terrorist financing and the proliferation of weapons of mass destruction.
The BNA also sanctioned João da Costa Ferreira (former CEO of Banco YETU), who will have to pay 100 million kwanzas (€96,000) and will be banned from exercising relevant functions or being a member of governing bodies in financial institutions for three years.
The issue is “non-compliance with the Code of Conduct for the interbank markets, as well as the duty of sound and prudent management of the financial institution”.
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