Angola: three banks amended by the Capital Markets Commission

Three Angolan banks were fined to the Capital Markets Commission (CMC) for violating their duty to provide information to the structure. These are the Economic Bank (BMC), Bank Fomenta Angola and Millennium Atlantico Bank (BMA).

On its official website, the regulator of the securities market published last Friday a document that explains that it is on the basis of the fundamental law of financial institutions (LBIF) that the banks concerned will pay a fine of approximately $ 3,000 each.

For the BFA, the CMC imposed a fine of approximately $ 1,500 in the form of a transaction provided for in the Fundamental Law of Financial Institutions.

In addition, another fine, amounting to $ 3,000, was imposed on the financial intermediation agent Odell Gloval, a management company of collective investment undertakings, also for the practice of transgression under the same law. .

It should be noted that the role of the Capital Markets Board (CMC) is to regulate, supervise, tax and promote the securities market and activities involving all agents involved, directly or indirectly.

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