FX Trading Ban: CBG Working to Swiftly Resolve BoG Concerns
Consolidated Bank Ghana (CBG) says it is making amends for the violation that has cost it its Foreign Exchange Trading Licence.
Two days ago, the Central Bank announced a suspension of the bank’s foreign exchange trading licence for a month, over breaches of foreign exchange market regulations, the updated Guidelines for Inward Remittance Services for Payment Service Providers dated November 2023, and the Anti-Money Laundering/Combating the Financing of Terrorism & The Proliferation of Weapons of Mass Destruction (AML/CFT&P) Guideline for Accountable Institutions in Ghana dated December 2022
In a statement, the CGB acknowledged the development, adding, “We believe the concerns raised in the notice can be swiftly resolved and are committed to working closely with the Bank of Ghana to ensure compliance.”
It also apologised for any inconvenience caused to customers, reaffirming its “dedication to maintaining the highest standards of operational compliance across all aspects of our business”.
Meanwhile, it noted that the said suspension does not impact its normal banking operations.
“Except for foreign exchange products and services, all our branches and digital platforms will continue providing customers with our full range of services. We fully expect to restore foreign exchange products after our engagement with the Bank of Ghana or on the expiry of the suspension period.”
Source: opemsuo.com/Hajara Fuseini
