Mozambique fines SA-linked banks R13m
Publish date: 11 November 2019
Issue Number: 4822
Diary: Legalbrief Today
Mozambique’s central bank has fined SA banks R13m for shortcomings in their antimoney laundering and terrorism financing controls. The administrative fines, which have become common throughout the world since the 2001 attacks in the US, come as Mozambique grapples with a wave of terror attacks in its northern province of Cabo Delgado that have left about 100 people dead. The Basel Institute on Governance, a non-profit think-tank specialising in combating financial crimes says the country has the highest risk of money laundering and terrorist financing. Standard Bank’s Mozambican unit was slapped with a R7.8m fine. Business Day reports that Banco Unico, controlled by Nedbank, was hit with a R6.7m penalty and FNB Mozambique was fined R1.1m.