National Bank of Angola sanctions seven banks for breach of exchange rules

29 June 2016

The National Bank of Angola (BNA) applied punitive measures to seven banking institutions operating in the country for breach of foreign exchange rules, the BNA said in a statement issued Tuesday in Luanda.

The banks in question are Banco Angolano de Investimentos, Banco Millennium Atlântico, Banco de Comércio e Indústria, Banco Caixa Geral Angola, Banco Keve, Banco Sol and Standard Bank of Angola.

According to the statement said, the sanctions are being imposed due to transgressions “resulting from noncompliance to rules on the mandatory duty of information on foreign exchange transactions to be executed” and “executed with foreign exchange resources obtained from the BNA.”

The statement did not say what types of sanctions would be applied or give explanations about the violations examined by the board of directors of the Angolan central bank.

The Portuguese media reported, however, that in the case of Banco Caixa Geral Angola, the bank that is 51 percent owned by Partang, 100 percent controlled by Portuguese financial group Caixa Geral de Depósitos, the penalties imposed by the BNA were due to delays in reporting foreign exchange transactions. (macauhub/AO/PT)