UK’s Financial Conduct Authority (FCA) has fined Ghana International Bank (GHIB) £5.8 million ($7.1 million) for failings in its anti-money laundering controls.
The FCA said the bank provided correspondent banking services to other lenders, allowing them to provide products and payment services they would otherwise be unable to provide.
Between January 2012 and December 2016, the bank did not adequately perform the additional anti-money laundering checks required, the FCA said.
"No evidence of actual money laundering was detected, though the risk of money laundering as a result of these deficient systems was significant," the FCA statement said, adding that the bank has not disputed the findings and has agreed to settle early.
GHIB said that since the period of investigation it has appointed a completely new board and new management, with its anti-money laundering systems significantly strengthened.
In December 2016, the FCA visited GIB to review its financial crime controls. As a result of concerns identified during this visit, GIB voluntarily agreed not to take on new customers. This restriction remains in place. GIB continues to work with the FCA and an independent expert to improve its financial crime controls.
Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, said 'firms are gatekeepers of the financial system and have vital obligations to ensure they are not used to facilitate or perpetrate financial crime. These failings meant that GIB was unable to identify and assess the risks posed by its correspondent bank customers and properly scrutinise transactions worth £9.5 billion processed on their behalf during the relevant period. Ensuring firms strengthen their anti-money laundering controls and enforcing failures to comply remain high priorities for the FCA.”
Latest Stories
-
We didn’t sneak out 10 BVDs; they were auctioned as obsolete equipment – EC
35 mins -
King Charles to resume public duties after progress in cancer treatment
1 hour -
Arda Guler scores on first start in La Liga as Madrid beat Real Sociedad
1 hour -
Fatawu Issahaku’s Leicester City secures Premier League promotion after Leeds defeat
2 hours -
Anticipation builds as Junior Speller hosts nationwide auditions
2 hours -
Etse Sikanku: The driver’s mate conundrum
3 hours -
IMF Deputy Chief worried large chunk of Eurobonds is used to service debt
3 hours -
Otumfuo Osei Tutu II celebrates 25 years of peaceful rule on golden stool
3 hours -
We have enough funds to pay accruing benefits; we’ve never missed pension payments since 1991 – SSNIT
3 hours -
Let’s embrace shared vision and propel National Banking College – First Deputy Governor
4 hours -
Liverpool agree compensation deal with Feyenoord for Slot
4 hours -
Ejisu by-election: There’s no evidence of NPP engaging in vote-buying – Ahiagbah
4 hours -
Ejisu by-election: Independent ex-NPP MP’s campaign team warns party against dubious tactics
5 hours -
ZEN Petroleum supports Tse-Addo Future Leaders School
5 hours -
NPP must win back Adentan seat in 2024 polls – Obeng Fosu
6 hours