GCB Bank Limited, after being voted the Best Bank in Ghana in Anti-Money Laundering (AML) Compliance, has now emerged as Africa’s Best Bank in Compliance.
GCB was rated the best among five banks across the African continent namely FNB (South Africa), Standard Chartered Bank (Kenya), BANGE (Equatorial Guinea) and BAI (Angola).
This recognition was announced on the final day of the Association for Certified Compliance Professionals in Africa (ACCPA) Conference in Johannesburg, South Africa over the weekend.
ACCPA is a continental network of experienced and certified Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) professionals working in Africa.
The organization currently has over 3,000 members in 46 countries with a pool of seasoned professionals in the Compliance and Risk Management landscape.
The conference brought together ACCPA members, bankers, risk and financial analysts across the African continent to dialogue on the theme; “Improving Risk and Compliance Standards in Africa.”
The shortlisted banks were rated based on several criteria, including the independence of its compliance function, domestic Know Your Customer (KYC), the credibility of data, standardized procedures and global sanction screening.
Other standards include the effectiveness of transaction monitoring, internal controls, professional knowledge and skills, internal and external compliance, good corporate governance, top management support, regular training and auditing.
The award was received by Abudulai Osman. He added GCB’s investments in technical and financial resources into the implementation of compliance, risk program and the collaboration with reputable local and international institutions.
He added GCB’s investments in technical and financial resources into the implementation of compliance, risk program and the collaboration with reputable local and international institutions.
Osman, Chief Compliance Officer of GCB together with Emmanuel Kojo Kwarteng, Deputy Head of Corporate Affairs; Martin Kwadwo Asante, Anti-AML Compliance Reporting Officer and Diana Konadu Opoku, Compliance Officer of the Bank.
In a brief remark, Mr Osman acknowledged the commitment of the GCB Board and Management towards the strict adherence to Corporate Governance rules and for the unalloyed support towards the Compliance Department to ensure that GCB maintains the highest standards of compliance on all fronts.
He stated that the Bank’s policies and practices in the area of compliance are not only aligned with local laws and regulations, they also meet international best practices and standards.
He added that despite this, GCB Bank consistently scans the global environment, partners with reputable local and international organizations and invests in compliance and risk management program to ensure that the Bank continues to develop proactive compliance strategies.
Ernest Honya, President and Chairman of ACCPA who announced and presented the award, praised GCB for its stellar performances over the years. He called on Regulators and Management of financial institutions in Africa to institute and support compliance policies to avoid the collapse of such institutions.
Earlier, in the week, GCB was voted the Best Bank in Ghana in Anti-Money Laundering (AML) Compliance in the country-based category of anti-money laundering compliance measures. It was the first time that Ghanaian banks have been assessed on the AML Compliance measures by ACCPA and GCB emerged as the maiden winner.
In 2018, GCB was awarded the Most Compliance Focused Bank in Africa due to the incorporation and implementation of stringent policies, procedures and solutions that enable the Bank to consistently meet the regulator’s requirements as well as contribute to the global fight against financial crime.
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