BoG suspends CBG’s forex license for a month
The Consolidated Bank Ghana (CBG), says it is working swiftly to resolve the concerns raised by the Bank of Ghana (BoG) regarding some forex breaches.
“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,” CBG said in a statement copied to the Ghana News Agency on Wednesday, November 13.
The financial sector regulator, BoG, suspended CBG’s foreign exchange trading licence for one month, effective November 26, 2024. CBG will restore the licence at the end of the period upon satisfactory controls.
“We want to reassure our valued customers that this suspension does not impact CBG’s 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,” it stated.
“We fully expect to restore foreign exchange products after we engage with the Bank of Ghana or on expiry of the suspension period,” the statement further said.
It apologized to all stakeholders for any inconvenience the situation might have caused and reaffirmed its dedication to maintaining the highest operational compliance standards across all aspects of our business.
“We value all our stakeholders and remain committed to providing our cherished customers with a simple, secure and differentiated banking experience,” the statement said.
The Central Bank attributed the suspension of the forex license of CBG to some breaches of market regulations, including updated guidelines for inward remittance services for payment service providers dated November 2023.
The other breaches pertained to the Anti-Money Laundering/Combating the Financing of Terrorism as well as the Proliferation of Weapons of Mass Destruction (AML/CFT&P) Guideline for Accountable Institutions in Ghana dated December 2022.
