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Release Date: 23rd June 2022

To access the original FCA document, click here.


The Financial Conduct Authority (FCA) has fined Ghana International Bank Plc (GIB) £5,829,900 for significant failings in its anti-money laundering (AML) and counter-terrorist financing controls related to its correspondent banking activities between 1 January 2012 and 31 December 2016. The penalty reflects a 30% discount for early settlement; otherwise, it would have been £8,328,500.

Reasons for the Fine:

Key Takeaways for Firms:


Ghana International Bank Plc’s significant failings in AML and counter-terrorist financing controls over its correspondent banking activities led to a substantial fine by the FCA. The case highlights the critical importance of establishing robust AML policies, performing thorough due diligence, and maintaining effective ongoing monitoring to prevent financial crime. Firms must ensure compliance with regulatory standards to protect the integrity and stability of the financial system.

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