GHIC Reaches A Settlement Agreement With UK’s FAC

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. According to FCA, between January 2012 and December 2016, the bank did not adequately perform the additional anti-money laundering checks required.

But GHIB, in a statement on Thursday, June 23, 2022, said it accepts responsibility for the development and has taken steps to improve its controls.

Excerpts of the statement reads,“GHIB accepts full responsibility for its historic failings and, under the terms of the agreement, has agreed to pay a civil penalty totaling £5,829,900. The FCA noted in its findings that GHIB has since taken significant steps in improving its AML systems and controls. It also said that GHIB and its senior management had worked in an open and cooperative way with the regulator, including by notifying the FCA of its AML shortcomings. It should also be noted that no evidence was found of GHIB facilitating any money laundering or other financial crime.”