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Millennium Bim Fined MZN 76 Million by Bank of Mozambique for AML and CTF Violations

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Millennium Bim Fined MZN 76 Million by Bank of Mozambique for AML and CTF Violations ORX News reference: 9134 ORX Standard: Banking Banco Comercial Português MZN 76,000,000.00 | Metical USD 1,203,080.00 | US Dollar EUR 1,085,280.00 | Euro BL0301 - Retail Banking EL0402 - Improper Business or Market Practices MZ - Mozambique Africa Loss Event Published in media 28 October 2019 Millennium Bim fined MZN 76 million by Bank of Mozambique for AML and CTF violations On 28 October 2019, Verdade reported that the Bank of Mozambique had fined Millennium Bim MZN 76 million (USD 1.2 million, EUR 1.1 million) for violating the country’s law on anti-money laundering (AML) and counter-terrorist financing (CTF) between the financial years of 2014 and 2018. According to a statement issued by the Bank of Mozambique, Millenium Bim failed to identify and verify customers, continuously monitor business relationships, maintain documents and immediately report suspicious transactions. The Bank of Mozambique fined Millennium Bim as part of a wider action. In total, the Bank of Mozambique issued 20 fines totalling MZN 172.9 million (approximately USD 2.7 million) to 18 firms. The 19 remaining fines ranged from MZN 100,000 to MZN 28 million (approximately USD 2,000 to USD 443,000). Between the financial years of 2013 and 2019, the 18 firms violated the AML and CTF law and a law on credit institutions and financial entities. The other banks were Standard Bank, Banco Único, Banco Comercial e de Investimentos (BCI), Vodafone M-Pesa, First National Bank (FNB), Barclays Bank, Banco Nacional de Investimentos (BNI), Banco de Investimento Global (BIG), Société Générale, Mybucks Bank, Cooperativa de Poupança e Crédito (CPC), Caixa de Poupança Postal de Moçambique (CPPM), United Bank for Africa (UBA), Banco Letshego, GAPI – Sociedade de Investimento, Yingwe Microbanco, African Banking Corporation (BancABC), First Capital Bank and Banco Moçambicano de Apoio aos Investimentos (MAIS). Author: Lily New Published Date: 29 October 2019 Last Update: 30 October 2019 ORX News reference: 9134 ORX Standard: Banking Published In Media Occurrence - From Occurrence - To Discovery Date Recognition / Settlement 28 October 2019 01 July 2014 30 June 2018 Boundary Risk Industry Event Scenario Other Risk SC0006 - AML Failures Product Process Event Closed PD9900 - Not Product-Related PC0401 - (New) Client Account No ORX Member Role of Firm Jurisdiction / Choice of Law No LS0307 - Position Taking LS0103 - Rest of the World (Principal) Cause 1 Cause 2 Cause 3 CS0403 - Inadequate Policy / Procedure Counterparty Environmental Volatility Provision LS0211 - Regulator LS0406 - Not Identifiable No Source(s) http://www.verdade.co.mz/nacional/69392-mbim-bci-e-unico-sancionados-pela-terceira-vez-por-branqueamento-de-capitais-em-mocambique- https://www.jornalnoticias.co.mz/index.php/economia/94445-banco-de-mocambique-penaliza-instituicoes-financeiras-por-irregularidades http://www.verdade.co.mz/nacional/69391 http://bancomoc.mz/ Related links © Disclaimer All data used in this document and in the ORX News service is obtained solely from public domain sources, and is in no way derived from any other ORX data service. ORX has prepared this document with care and attention. ORX does not accept responsibility for any error or omissions. ORX does not warrant the accuracy of the advice, statement or recommendations in this document. ORX shall not be liable for any loss, expense, damage or claim arising from this document. The content of this document does not itself constitute a contractual agreement, and ORX accepts no obligation associated with this document except as expressly agreed in writing. © Operational Riskdata eXchange Association (ORX) 2019. https://news.orx.org//node/8861.
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