Tag: Ghana International Bank

FCA Fines Ghana International Bank A Discounted £5.8m For Anti-Money Laundering Failures!

FCA Ben - June 24, 2022

The UK FCA has fined Ghana International Bank Plc (GHIB) £5,829,900 for poor anti-money laundering and counter-terrorist financing controls over its correspondent banking activities. GHIB provided correspondent banking services to overseas banks allowing them to provide products and services they would not otherwise be able to, including cross-border payments. The FCA requires banks to do extra checks on their correspondent banking customers to reduce the higher risk of money laundering and terrorist financing associated with the service.

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