UK watchdog fines Ghana International Bank for insufficient checks

LONDON, June 23 (Reuters) – Britain’s Financial Conduct Authority (FCA) has fined Ghana International Bank (GHIB) 5.8 million pounds ($7.1 million) for breaching its anti-corruption controls. bleaching.

The FCA said the bank provided correspondent banking services to other lenders, enabling them to provide payment products and services they would not otherwise be able to provide.

Between January 2012 and December 2016, the bank failed to adequately perform additional required anti-money laundering checks, the FCA said.

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“No evidence of actual money laundering has been detected, although the risk of money laundering resulting from these deficient systems is significant,” the FCA statement said, adding that the bank did not dispute the claims. findings and agreed to settle promptly.

GHIB said that since the investigation period, it has appointed an entirely new board and management, with its anti-money laundering systems significantly strengthened.

“Under new leadership, GHIB today is a fundamentally different bank, with a healthy balance sheet and the support of its major shareholders,” chief executive Dean Adansi said in a statement.

The FCA said GHIB was unable to identify and assess the risks posed by its correspondent banking customers and properly review transactions worth £9.5bn processed on their behalf.

The watchdog visited the GHIB in December 2016 to review its financial crime controls and, following concerns identified during that visit, the bank voluntarily agreed not to accept new customers.

“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.

($1 = 0.8192 pounds)

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Reporting by Huw Jones Editing by David Goodman

Our standards: The Thomson Reuters Trust Principles.

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