UK’s financial conduct authority slams N4.1bn fine on GT Bank over failure to fix anti-money laundering systems

January 10, 2023
5 Views

Britain’s Financial Conduct Authority (FCA) has fined the UK subsidiary of Nigeria’s Guaranty Trust (GT) Bank 7.6 million pounds (N4.1bn) for what it says are further failures in its 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 (FCA) said in a statement on Tuesday, January 10, 2023.

FCA said GT Bank has not disputed the findings and agreed to settle, making it eligible for a 30 percent discount on the fine, down from the original 10.96 million pounds ($13.3m), Aljazeera disclosed.

“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 said.

Gbenga Alade, managing director of GT Bank UK, said the bank takes its anti-money laundering obligations extremely seriously and noted the FCA’s findings with sincere regret, adding that the FCA found no instances of suspected money laundering.

“We would like to assure all our stakeholders and the general public that necessary steps have been taken to address and resolve the identified gaps,” Alade said in a statement.

In August 2013, the FCA fined it 525,000 pounds ($627,323) for running afoul of the regulations.

Banks are at the front line in ensuring the proceeds of crime do not enter the UK financial system,” Tracey McDermott, the FCA’s director of enforcement, said at the time. “GT Bank’s failures were serious and systemic and resulted in an unacceptable risk of handling the proceeds of crime.”

The bank said then that it had complied with the fine and addressed the issues.

You may be interested

20-year-old Who Got Pregnant While On Birth Control Gives Birth To Baby Holding IUD
News
4 views
News
4 views

20-year-old Who Got Pregnant While On Birth Control Gives Birth To Baby Holding IUD

Webby - February 1, 2023

In a viral video, which has amassed millions of views, the new mom shared footage of their son clasping her…

It’s Not Possible For A Virgin Not To Bleed – Man Claims Wife Lied That She’s A Virgin
News
3 views
News
3 views

It’s Not Possible For A Virgin Not To Bleed – Man Claims Wife Lied That She’s A Virgin

Webby - February 1, 2023

File Photo A newly married man has taken to social media to lament that his wife who claims to be…

Naira Redesign: Kidnapping, Banditry Have Reduced – Emefiele Claims
News
6 views
News
6 views

Naira Redesign: Kidnapping, Banditry Have Reduced – Emefiele Claims

Webby - February 1, 2023

 The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has made a new claim. Emefiele, on Tuesday, appealed…

Leave a Comment

Your email address will not be published.