Ghana International Bank fined £5.8 million by UK regulator
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 in a decision notice today said the GIB failed to establish and maintain appropriate and risk-sensitive policies and procedures; conduct adequate enhanced due diligence when establishing new business relationships and conduct adequate enhanced ongoing monitoring on transactions.
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”).
“During the Relevant Period, the monetary value of funds flowing between GIB and its respondent banking customers, net of transfers between customers’ own accounts and fixed deposits, totalled £9.5 billion,” the decision read.
Discount on original fine
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”.
The FCA added that the GIB had agreed to resolve the matter and qualified for a 30 per cent discount.
“Were it not for this discount, the Authority would have imposed a financial penalty of £8,328,500 on GIB,” the notice said.
“This restriction remains in place. GIB continues to work with the FCA and an independent expert to improve its financial crime controls,” the FCA said.
source: graphiconline
