Britain’s Financial Conduct Authority (FCA) has fined Ghana International Bank (GIB) 5.8 million pounds ($7.1 million) for failings in its anti-money laundering controls.
The FCA said the bank, which could not be immediately reached for comment, 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 2016 the bank did not adequately perform the additional anti-money laundering checks required, the FCA said.
“No evidence of actual money laundering was detected, though the risk of money laundering as a result of these deficient systems was significant,” the FCA statement said, adding that the bank has not disputed the findings and has agreed to settle early.
GIB was unable to identify and assess the risks posed by its correspondent bank customers and properly scrutinise transactions worth 9.5 billion pounds processed on their behalf, the FCA said.
The watchdog visited GIB in December 2016 to review its financial crime controls and, as a result of concerns identified during this visit, the bank voluntarily agreed not to take on 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.
