UK watchdog fines GTBank £7.6m on money laundering:

• Published date: 11 January 2023
• Publication title: Nigeria - The Nation

MD: we've addressed lapses'

Guaranty Trust Bank UK Limited (GTBank UK) has been fined £7,671,800 by the Financial Conduct Authority (FCA)- a financial regulatory body in the United Kingdom for Anti-Money Laundering (AML) controls gap.

GTBank UK reached a settlement with the FCA, accepting findings in relation to historical Anti-Money Laundering (AML) controls in its operations from October 2014 to July 2019.

In a statement yesterday, the bank said it has cooperated fully with the FCA investigation and has agreed a penalty of £7,671,800, which has been calculated by reference to a proportion of the revenue of GTBank UK over the relevant period, including a 30 per cent discount for early settlement.

The FCA's investigation focused on GTBank UK's AML controls and steps taken by GTBank UK to remediate these to ensure they operated in line with the relevant requirements. The findings are final, and no further action is anticipated in respect of this matter. The FCA acknowledged in its findings that GTBank UK has spent considerable time and resources in order to bring its AML standards up to the required level.

Managing Director of GTBank UK, Gbenga Alade, said: 'As a responsible financial services institution that is committed to best practices, GTBank UK takes its AML obligations...