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...
