The Bank of Mozambique (BM) has sanctioned and fined seven credit institutions, four financial companies and nine illegal financial operators for various irregularities, including violation of duties to prevent money laundering and financing of terrorism, between February 2020 and June 2021.

According to a statement from the institution quoted by several agencies, the credit institutions sanctioned are African Banking Corporation (BancABC) which must pay 64.4 million meticals; Standard Bank Mozambique; First Capital Bank; Socremo; Bayport Financial Services Mozambique; Banco Comercial e de Investimentos (BCI) which must pay 53 million meticals; and, the Women's Credit Cooperative of Pemba.

Together, the seven institutions must pay the Mozambican regulator about 136 million meticais.

According to the central bank, in the same period sanctions were also applied to four financial companies operating in the country, namely Mundo de Câmbios, Carteira Móvel, Casa de Câmbios de Xai-Xai and M-Mola, which together should pay a fine of 4,700,000 meticais.

The WB also sanctioned nine illegal operators, in this case individual companies, whose fines total more than 10 million meticais.