Empresa Moçambicana de Seguros (EMOSE) was fined 10 million meticais for violating the law that establishes measures against money laundering and terrorist financing.

The company committed infringements that can be penalized, according to Law 14/2023 of August 28, says the Insurance Supervision Institute of Mozambique (ISSM), quoted by the News.

EMOSE will not have assessed the risk; identified the politically exposed persons; identified the effective beneficiaries; and will not have carried out the control.

EMOSE is the largest and oldest insurance company in Mozambique. Last year it made a profit of over 43 million meticais and a technical profit of over 112 million meticais. It currently has a solvency margin coverage ratio of over 756% writes the morning.