UK Fines GTbank $9.3m for Money Laundering System Failures

The Financial Conduct Authority, has fined the British subsidiary of Nigeria’s Guaranty Trust Bank 7.6 million pounds ($9.3 million).

According to a statement by the United Kingdom- based financial watchdog on Tuesday, the fine was imposed due to the failures in GTBank’s anti-money laundering systems and controls.

These weaknesses were repeatedly highlighted to GT Bank by internal and external sources, including the FCA, but despite this, GT Bank failed to take appropriate action to fix them,” the Financial Conduct Authority said in a statement on Tuesday.

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According to the FCA, the Guaranty Trust Bank has not disputed the findings and agreed to settle.

GT Bank’s conduct is particularly egregious as this is not the first time that the bank has faced enforcement action in relation to its AML controls,” the statement added.

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