Tuesday, August 16, 2022

U.K. Regulator FCA Fines Ghana International Bank $7.1M for Weak Anti-Money-Laundering Controls


The U.K.’s Financial Conduct Authority (FCA) said Thursday that it fined U.K.-based Ghana International Bank PLC about GBP5.8 million (US$7.1 million), for alleged failures in its anti-money-laundering and counter-terrorist-financing controls in relation to its correspondent-banking activities.

By using correspondent-banking relationships, banks can gain access to financial services in various jurisdictions and provide cross-border payment services to customers. The regulator said that no money laundering was detected, but that between 2012 and 2016, the bank failed to perform required checks on its established relationships with overseas banks and assess those banks’ anti-money-laundering controls.

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As a result, the FCA said the risk of money laundering from these deficient systems was significant. The bank said it has appointed a new board and a new management team and has strengthened its controls.


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