FirstBank, GTBank FX Trading Licenses Suspended over Infractions
Ghana’s Central Bank has suspended the foreign exchange license of Guaranty Trust Bank and FBN Bank for one month, effective March 18, barred them from offering remittance services apex bank seeks to regulate the foreign exchange market.
The Ghanaian apex bank said the development “is in strict accordance with Section 11 (2) of the Foreign Exchange Act 2006, (Act 723), underscoring the Bank of Ghana’s commitment to maintaining the integrity and stability of the foreign exchange market.
“The suspension serves as a direct consequence of the banks’ failure to comply with established regulations, highlighting the central bank’s zero-tolerance policy towards regulatory non-compliance,” the bank said.
The affected banks committed various breaches of the foreign exchange market regulations, including submitting fraudulent documentation in their forex operations, the apex bank said in a statement on Monday.
Meanwhile, Guaranty Trust Bank (Ghana) Ltd. has reacted to the recent announcement by the Bank of Ghana regarding the temporary suspension of its Foreign Exchange Trading Licence, effective 18th March 2024.
In response to this development, the bank assures its esteemed customers and stakeholders that it is actively collaborating with the Bank of Ghana to swiftly address the trade-related issues leading to the suspension.
The institution is also in close coordination with relevant government agencies, proactively addressing defective documentation submitted by customers, and reinforcing Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) policies to prevent future occurrences.
GTBank emphasizes that while the suspension affects the Foreign Exchange segment, all other business operations remain unaffected. Main branches, Agency Banking outlets, and digital platforms continue to offer products and services seamlessly.
The bank sincerely apologizes for any inconvenience caused by this temporary suspension and reaffirms its commitment to maintaining the highest standards of professionalism and compliance with regulatory directives.
GTBank Ghana assures its customers that it will work diligently in their best interest to resolve the matter promptly. #FirstBank, GTBank FX Trading Licenses Suspended over Infractions Oil Prices Fall as China Plans 5% GDP Growth
