Fidelity Bank and First National Bank Ghana Limited have faced stringent measures from the Bank of Ghana, resulting in a collective penalty of 1000 penalty points each.
These penalties were imposed as a result of the banks’ violation of sections 3.4, 3.5, and 3.9 of the Ghana Interbank Forex Market Conduct rules.
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In addition, the Bank of Ghana has temporarily suspended the forex licenses of both banks as a consequence of their actions. This suspension will be effective from June 29, 2023, until July 28, 2023.
The Central Bank’s statement emphasized that the imposed fine serves as a firm warning to all participants in the forex market, including banks, forex bureaus, forex brokers, and money transfer operators (MTOs), urging them to strictly comply with the relevant regulations and guidelines governing the forex market.
