ORX News digest of the month – October 2019

  • 5 November 2019

Every month the ORX News team publishes a featured digest from the ORX News Service. It's a detailed look at one of the losses reported in the media that month, and is handpicked by the team as one of the most interesting stories.

Millennium Bim fined MZN 76 million by Bank of Mozambique for AML and CTF violations

Mozambique’s central bank fined Millennium Bim, a subsidiary or Portuguese Commercial Bank, 76m meticais ($1.2m) for violating the country’s law on anti-money laundering (AML) and counter-terrorist financing (CTF) between the financial years of 2014 and 2018.

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 172.9m meticais ($2.7m) to 18 firms, including Barclays, Société Générale and Standard Bank. The remaining fines ranged from 100,000 meticais ($2,000) to 28m meticais ($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.

ORX News subscribers can read the full story on the ORX News website.

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