The Financial Conduct Authority in the United Kingdom has fined the British arm of Nigeria’s Guaranty Trust Bank 7.6 million pounds ($9.3 million).Information Guide Nigeria
The FCA stated in a statement released on Tuesday that the sanction was issued due to deficiencies in the anti-money laundering systems and controls of GTBank.
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The FCA further stated that despite being warned, GT Bank had failed to take the necessary steps to rectify the system.
“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.NYSC portal
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According to the FCA, the Guaranty Trust Bank has not disputed the findings and agreed to settle.
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.”
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.”JAMB Result
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