UK regulator fines Ghana International Bank £5.8 million

The regulator of financial services firms and financial markets in the UK, Financial Conduct Authority (FCA) has fined the Ghana International Bank (GIB) £5.8 million pounds for breaching anti-money laundering and counter-terrorist financing controls.

The FCA said the breaches concerned the GIB’s anti-money laundering and counter-terrorist financing controls over its correspondent banking activities in the period between January 1, 2012, and December 31, 2016, (the “Relevant Period”).

The notice did not contain the detection of actual money laundering at the bank but indicated that “the breaches created a significant risk that financial crime would be facilitated, occasioned or otherwise occur”.

GIB continues to work with the FCA and an independent expert to improve its financial crime controls,” the FCA said.

In December 2016, the FCA visited GIB to review its financial crime controls.

GIB continues to work with the FCA and an independent expert to improve its financial crime controls,” the statement said.

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