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).
A statement by the FCA on Tuesday revealed that the fine was imposed due to failure of the bank’s anti-money laundering systems and controls.
Furthermore, Reuters reported that the failures were highlighted by the bank’s internal and external sources.
GT Bank failed to take appropriate measures to fix the system despite warnings. The statement read in part, “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,”.
Guaranty Trust Bank did not dispute the FCA’s findings and opted for a settlement. Reacting to the matter, the bank disclosed that a settlement of 7.1 million pounds($9.3 million) had been reached.
When contacted, the bank, in a statement sent to PUNCH, 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.”
“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.”
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