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The U.K. Financial Conduct Authority fined the London-based subsidiary of a Ghanaian bank £5.8 million Thursday for neglecting to screen billions of pounds of correspondent payments for indications of financial crime over a five-year period. In a 69-page notice, the FCA claimed that from January 2012 to December 2016, Ghana International Bank, or GIB, failed to properly vet dozens of other West African lenders before onboarding them as correspondent clients, and afterwards did not annually assess the quality of their compliance programs as required. GIB at its peak maintained correspondent accounts for 51 mostly West African banks, including 28 based...