Francis Azure
The Chief Executive Officer (CEO) of Subin-Akwaboso Community Bank PLC, Francis Azure, has called for stronger measures to combat money laundering, describing the practice as a significant threat to the nation’s economy, financial system and long-term development.
Speaking at the bank’s third Annual General Meeting (AGM) held at Akwaboso, Mr. Azure urged the Bank of Ghana (BoG) and other regulatory institutions to intensify the enforcement of anti-money laundering regulations to safeguard the integrity of the country’s financial sector.
He warned that money laundering fuels corruption, discourages legitimate investment, undermines economic growth and limits employment opportunities, while imposing long-term costs on future generations.
According to him, the fight against financial crimes requires a coordinated effort among regulators, financial institutions and other stakeholders.
Mr. Azure stressed the need for banks and other financial institutions to strengthen their Know-Your-Customer (KYC) processes, closely monitor suspicious transactions and ensure full compliance with anti-money laundering regulations.
“Protecting the financial system requires collective commitment from regulators, banks and all stakeholders,” he stated.
He noted that a robust and transparent financial system is essential for attracting investment, promoting economic stability and building public confidence in the banking sector.
The AGM also provided an opportunity for management to review the bank’s performance and outline its future growth plans.
Promoters of the bank, Kwadwo Yeboah, popularly known as Afari Gyan, and Elder James Kwadwo Afram, expressed confidence in the institution’s prospects, stating that Subin-Akwaboso Community Bank is steadily positioning itself to become one of Ghana’s leading community banks.
They attributed the bank’s progress to sound management, customer trust and strategic expansion initiatives aimed at bringing banking services closer to underserved communities.
As part of its expansion drive, the promoters announced that the bank’s newly established branch at Diaso in the Central Region will soon begin operations.
They said the new branch is expected to enhance financial inclusion, support local businesses and increase access to banking services for residents and enterprises in the area.
Management also highlighted the bank’s strong financial performance during the year under review, pointing to growth in its customer base and improvements in key operational indicators.
FROM David Afum, Kumasi