Tag: Ghana International Bank
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Ghana International Bank reaches agreement with UK’s FCA over £5.8m fine
The Ghana International Bank (GHIB) says it has reached a settlement agreement with the UK’s Financial Conduct Authority (FCA) in its investigation into GHIB’s unsatisfactory anti-money laundering (AML) controls. The FCA had earlier fined the bank 5.8 million pounds after discovering some deficiencies in its anti-money laundering systems. Between January 2012 and December 2016, the…
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UK watchdog fines Ghana International Bank for poor anti-money laundering systems
Britain’s Financial Conduct Authority (FCA) has fined Ghana International Bank (GHIB) 5.8 million pounds ($7.1 million) for failings in its anti-money laundering controls. The FCA said the bank provided correspondent banking services to other lenders, allowing them to provide products and payment services they would otherwise be unable to provide. Between January 2012 and December…
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Banking Consultant rejects money laundering claims against Otumfuo
Banking Consultant, Nana Otuo Acheampong has clarified that the Asantehene Otumfuo Osei Tutu II could not have been engaged in any act of money laundering considering the failure of any swift action over the allegation leveled against him. He explains that even though the deposits ordered by the traditional leader triggered a suspicion of money…