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Financial watchdog says GT Bank, a repeat offender, has not disputed the findings and agreed to settle.<\/p>\n
Guaranty Trust Bank did not dispute UK findings that it had again failed to put in place proper anti-money-laundering systems and controls and was fined.<\/p>\n
Britain\u2019s financial watchdog has fined the UK subsidiary of Nigeria\u2019s Guaranty Trust Bank 7.6 million pounds ($9.3m) for what it says are further failures in its anti-money-laundering systems and controls.<\/p>\n
\u201cThese 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,\u201d the Financial Conduct Authority said in a statement on Tuesday.<\/p>\n
The watchdog 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).<\/p>\n
\u201cGT Bank\u2019s conduct is particularly egregious as this is not the first time that the bank has faced enforcement action in relation to its AML controls,\u201d the statement said.<\/p>\n
Gbenga Alade, managing director of GT Bank UK, said the bank takes its anti-money laundering obligations extremely seriously and noted the FCA\u2019s findings with sincere regret, adding that the FCA found no instances of suspected money laundering.<\/p>\n
\u201cWe would like to assure all our stakeholders and the general public that necessary steps have been taken to address and resolve the identified gaps,\u201d Alade said in a statement.<\/p>\n
In August 2013, the FCA fined it 525,000 pounds ($627,323) for running afoul of the regulations.<\/p>\n
\u201cBanks are at the front line in ensuring the proceeds of crime do not enter the UK financial system,\u201d Tracey McDermott, the FCA\u2019s director of enforcement, said at the time. \u201cGT Bank\u2019s failures were serious and systemic and resulted in an unacceptable risk of handling the proceeds of crime.\u201d<\/p>\n
The bank said then that it had complied with the fine and addressed the issues.<\/p>\n
SOURCE: AL JAZEERA AND NEWS AGENCIES<\/p>\n
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Financial watchdog says GT Bank, a repeat offender, has not disputed the findings and agreed to settle. Guaranty Trust Bank did not dispute UK findings that it had again failed to put in place proper anti-money-laundering systems and controls and was fined. Britain\u2019s financial watchdog has fined the UK subsidiary of Nigeria\u2019s Guaranty Trust […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[7],"tags":[],"class_list":["post-5201","post","type-post","status-publish","format-standard","hentry","category-business"],"yoast_head":"\n