FCA Fines Ghana International Bank £5.8M For AML Failings

By Alex Davidson (June 23, 2022, 2:14 PM BST) -- The financial services watchdog said on Thursday that it has fined Ghana International Bank £5.8 million ($7.1 million) for poor anti-money laundering controls in the correspondent banking services it provided to overseas lenders.

The Financial Conduct Authority said that the lender failed to adequately perform required checks when starting relationships as an intermediary with 14 international banks. It did so over four years until December 2016, the regulator added.

Ghana International failed to annually review information on the other banks involved or to train staff adequately on scrutinizing transactions, the FCA continued. It declined to identify the 14 lenders.

Finance firms "have vital...

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