Guaranty Trust Bank (GTBank) has pledged to reinforce its Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) policies in response to the recent suspension of its foreign exchange license by the Central Bank. The announcement came on Monday, March 4, 2024, through a press statement issued by GTBank.

The bank stated its commitment to enhancing these policies as a proactive measure to prevent similar incidents from occurring in the future. GTBank emphasized its collaboration with the Bank of Ghana and other relevant government agencies to address the concerns leading to the license suspension.

In its press release, GTBank reassured its customers that it is actively engaging with those who submitted incomplete documentation to rectify the situation promptly. The bank expressed regret for any inconvenience caused by the temporary suspension and reiterated its dedication to maintaining the highest standards of professionalism and compliance with regulatory directives.

“We sincerely apologize for the inconvenience this temporary suspension may cause you and your business. We wish to reiterate that GTBank Ghana works within and maintains the highest levels of professionalism and compliance to directives given by the Regulator, and will continue to work in your best interest,” read the concluding segment of GTBank’s statement.

The suspension of GTBank’s foreign exchange license underscores the importance of robust AML/CFT measures in the banking sector. By proactively addressing deficiencies in its documentation and committing to strengthening its policies, GTBank demonstrates its commitment to regulatory compliance and maintaining trust with its customers.

As GTBank collaborates with regulatory authorities and endeavors to resolve the issues leading to the license suspension, customers can expect enhanced transparency and diligence in the bank’s operations. This episode serves as a reminder of the constant vigilance required to combat financial crimes and uphold the integrity of the banking system.

Bank of Ghana Suspends Trading Licences of GT Bank and FBN Bank

In a statement, the Bank of Ghana (BoG) disclosed that it has taken action against Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN) by suspending their foreign exchange trading licences. Effective March 18, 2024, this suspension is slated to last for a duration of one month, as per Section 11 (2) of the Foreign Exchange Act 2006 (Act 723).

The decision to suspend these licences comes in response to various breaches of foreign exchange market regulations, including instances of fraudulent documentation in the foreign exchange operations of the affected banks, as highlighted in a statement released by the Central Bank.

“The licence will be restored at the end of the one-month suspension period once the Bank of Ghana is satisfied that they have put in place effective controls to ensure strict adherence to the foreign exchange market regulations,” the statement elucidated.

This action underscores the importance of compliance with regulatory guidelines in the foreign exchange market. The Bank of Ghana’s stance reflects its commitment to maintaining integrity and transparency within the financial sector, as well as ensuring that market players uphold the necessary standards of conduct.

The statement from the Bank of Ghana serves as a stern warning to all foreign exchange market participants to strictly adhere to applicable regulations and guidelines. It is imperative for banks and financial institutions to prioritize compliance and implement effective controls to prevent future breaches. As the suspension period unfolds, stakeholders will be closely monitoring the actions taken by GT Bank and FBN Bank to address the regulatory concerns raised by the Central Bank.