The National Bank of Angola (BNA) has announced that sanctions worth 1 billion kwanzas (1.1 million euros) will be imposed on banking and non-banking financial institutions in the last quarter of 2023.
Failure to comply with the rules on consumer protection for financial products and services led the infractions in this period, according to the BNA’s summary of sanctions for October, November and December.
The Angolan central bank said that of the 34 sanctions concluded, 20 corresponded to summary proceedings and 14 to misdemeanor proceedings, of which 24 were related to banking financial institutions and the rest to non-banking institutions.
At the level of banking financial institutions, non-compliance with the rules on protecting consumers of financial products and services had the highest number of occurrences, with 16, according to the document drawn up by the BNA’s Department for Regulation and Organization of the Financial System.
Non-compliance with the rules on combating and preventing money laundering and terrorist financing, the rules on charging commissions and the rules on special registration with the supervisory body were also other breaches in prudential matters.