GOVERNMENT FINES BANKS IN MOZAMBIQUE

All major commercial banks operating in Mozambique - except Standard Bank - have been fined for violating financial legislation.

The heaviest fine, of more than $500,000 (£350,000), was imposed on one of the newer banks, Banco Unico. Its largest shareholder is the South African Nedbank Group.

In all 15 banks and financial institutions were fined a total of about $5.2m for violations committed mostly in the 2015 and 2016 financial years.

The two largest Mozambican commercial banks, the Millennium-BIM and the Commercial and Investment Bank (BCI), which both have Portuguese financial institutions as their majority shareholders, were fined nearly $400,000 each for breaching money-laundering and anti-terrorism legislation.

Barclays Bank was also fined.

The fines were imposed by the central bank, and it is the first time it has named and the banks.