The U.K. Financial Conduct Authority (FCA) fined Ghana International Bank (GIB) 5.8 million pounds (U.S. $7.1 million) for deficiencies in its anti-money laundering (AML) controls over its correspondent banking activities.
The penalty, announced Thursday, comes nearly six years since GIB voluntarily agreed to stop onboarding new customers following an inspection by the FCA that flagged the weaknesses in its AML/countering the financing of terrorism (CFT) controls. That restriction remains in place. For its cooperation and improvements made in that time, GIB received a 30 percent reduction on the FCA’s originally proposed fine of £8.3 million (U.S. $10.2 million).
