UK has fined GTBank $9.3 million for money laundering system failures.
News One reports that the United Kingdom-based financial watchdog, Financial Conduct Authority, has fined the British subsidiary of Nigeria’s Guaranty Trust Bank 7.6 million pounds ($9.3 million).
This online news platform understands that in a statement by the body on Tuesday, January 10, 2023, the FCA said the fine was imposed due to the failures in GTBank’s anti-money laundering systems and controls.
A report monitored on Reuters by News One Nigeria, cited the statement, saying that the failures were highlighted by the bank’s internal and external sources.
The FCA further noted that GT Bank had failed to take appropriate measures to fix the system despite warnings.
“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.
According to the FCA, the Guaranty Trust Bank has not disputed the findings and agreed to settle.
Reacting, the bank, in a statement, said, “Guaranty Trust Bank UK Limited has reached settlement with the FCA, accepting findings in relation to historical Anti-Money Laundering controls in its operations in the period October 2014 to July 2019.”
The bank further noted that it “has cooperated fully with the FCA investigation and has agreed a penalty sum of GBP7,671,800, which has been calculated by reference to a proportion of the revenues of GTBank UK over the relevant period and includes a 30% discount for early settlement.”