CBG pledges swift action to address forex breaches

The Consolidated Bank Ghana (CBG) has assured its customers and stakeholders that it is actively working to resolve the issues raised by the Bank of Ghana (BoG) following a recent suspension of its foreign exchange trading license.
The suspension, which will take effect from November 26, 2024, was imposed due to regulatory breaches, including failure to comply with updated guidelines for inward remittance services and anti-money laundering protocols.

Working towards swift compliance
In a statement, CBG expressed its commitment to quickly addressing the concerns raised by the BoG.
“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,” the statement noted.
CBG added that it expects foreign exchange services to be restored following engagement with the BoG or at the end of the suspension period.

Reassurance for customers
CBG emphasized that the suspension does not affect its regular banking operations, assuring customers that its branches and digital platforms will remain fully operational for all non-foreign exchange services.
“We want to reassure our valued customers that this suspension does not impact on 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,” the bank stated.

Commitment to regulatory standards
CBG also issued an apology for any inconvenience caused and reiterated its dedication to adhering to high operational compliance standards.
“We value all our stakeholders and remain committed to providing our cherished customers with a simple, secure, and differentiated banking experience,” it added.
The BoG’s suspension of CBG’s forex license reflects an ongoing effort to uphold market regulations, including anti-money laundering and anti-terrorism financing guidelines issued in December 2022.
CBG’s prompt response suggests a commitment to regulatory alignment, with the goal of restoring its forex trading operations as soon as possible