Luanda - The National Bank of Angola (BNA) has imposed sanctions on four financial institutions with fines totalling 100 million kwanzas for non-compliance with foreign exchange, prudential and financial conduct rules.
The Central Bank's application of the measures comes after investigation and instruction, from 01 July to 30 September 2023, of a total of 34 sanctioning processes against financial institutions under its supervision.
The BNA statement said that of the 34 processes concluded, 15 correspond to summary processes, of which four resulted in financial penalties, and 11 were archived for refusal, under the terms of the rights conferred on financial institutions.
The regulator also said that 11 cases corresponded to misdemeanours that resulted in fines of more than 531 million kwanzas.
The BNA indicates that, at the same time, eight cases were filed, arising from the revocation of licenses of non-banking financial institutions.
On the other hand, the Central Bank revoked five licences of non-banking financial institutions, by decision of the Executive Committee.
The BNA argues that the revocation comes within the scope of its duties as the supervisory authority of the financial system, under the Law on the General Regime of Financial Institutions.
The Central Bank explains that the measure arises from the repeated violation of the rules governing the activity of bureaux de change.
The document adds that, by virtue of Article 320(3) of the General Regime of Financial Institutions Law, the companies "above are considered dissolved and must be liquidated in accordance with the general judicial procedures applicable to commercial companies, under the terms of Article 146 et seq. of Law 1/04 of 13 February - the Commercial Companies Law". HEM/AC/DAN/DOJ
