City watchdog hits Ghana International Bank with £5.8m fine over money laundering failures

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The FCA said that 83 per cent of the firm's DB scheme transfer advice "failed to comply with its minimum required standards, and customers risked financial loss as a result of the poor advice they received".
The FCA said that 83 per cent of the firm's DB scheme transfer advice "failed to comply with its minimum required standards, and customers risked financial loss as a result of the poor advice they received".

The UK’s financial watchdog has fined Ghana International Bank £5.8m over its poor anti-money laundering and counter-terrorist financing control measures.

The Financial Conduct Authority (FCA) fined the London bank over its failure to carry out proper checks for money laundering.

The watchdog said that while there is no evidence any money laundering actually took place, the bank’s controls were insufficient.

The regulator said Ghana International Bank failed to perform additional checks when working with overseas banks and failed to give staff adequate training.

FCA exec Mark Steward said: “Firms are gatekeepers of the financial system and have vital obligations to ensure they are not used to facilitate or perpetrate financial crime.”

“Ensuring firms strengthen their anti-money laundering controls and enforcing failures to comply remain high priorities for the FCA.”