Audio: Violation of forex rules: We’ve paid Ghc100k BoG fine – SG Bank

The Societe Generale Ghana Limited has paid off the fine imposed on the bank by the Central Bank following their violation of sections of the Foreign Exchange Act.

The bank was fined GHc108, 590 by the Bank of Ghana after an Ernst and Young audit report found them guilty of inappropriate foreign transfers.

“ You may recall that the Bank of Ghana undertook some preliminary investigations into transfers of foreign exchange made by your bank on behalf of Kessben Shipping Company Limited in 2014.

“This was followed by detailed audit work by Ernst and Young, chartered Accountant and management Consultants on the same matter. The findings of both teams indicate that the transfers were not supported by the relevant documentation, in contravention of the Foreign Exchange Act 2006, Act 723 and the accompanying guidelines,” a letter outlining sanctions for the bank stated.

Aside Societe General, four other banks were penalised by the Central Bank for the same misconduct. They are , Stanbic, Access, Zenith and UMB.

Confirming the payment to Starr News, the Managing Director of Societe General Ghana Gilbert Hie said they have redeemed their charge since last month.

He, however, denied claims that the fine was as result of money laundering.

“ I don’t have any comment on the report that has been put out there because I haven’t seen it but the monies we paid were not for money laundering; not at all.

“We have paid penalties to the bank of Ghana but it’s not for money laundering. We paid for missing information on a document or the quality of the documents but that is normal,” he stated.