Societe Generale denies money laundering allegations

SG-SSB-Bank-Limited-Jobs-in-Ghana Ghana has denied reports that the bank is involved in money laundering.

There are media reports that five commercial banks in the country including Societe Generalehave been indicted in a report by Ernst and Young for transferring hundreds of millions of foreign exchange in dollars, Euro and Pounds Sterling between October 2013 and November 2014 without the banks observing compliance of the Foreign Exchange Act.

According to Societe Generale though the bank was penalized by the Bank of Ghana last month, the penalty of hundred thousand cedis was not for money laundering.

Speaking to Citi Business News Managing Director of  the bank Gilbert Hie said the bank has not engaged in anything illegal.

‘What is being spread out is not well spread out, so i don’t have any comment to do with it  because as you know SG is the best with anti laundering in this country.

It is possible that at one time one missing information has been on one document but it has nothing to do with money laundering so i would not say more because i don’t have any precise information.

There has been a penalty of course because each time there is a mistake in any kind of document,  Bank of Ghana will penalize the banks and this is something usual,  each time you do anything wrong in the bank you get a penalty this is true, but it does not mean it is money laundering at all.’ He said.

Meanwhile the bank has launched its Spread the word promotion, aimed at rewarding customers who are able to bring others to open accounts with them.

According  Gilbert Hie the promotion is to increase their customer base by strengthening  ties with existing customers.