UK fines GTBank for 'money laundering system failure'
The Financial Conduct Authority, a UK-based financial watchdog, has imposed a £7.6 million ($9.3 million) fine on the UK branch of Nigeria's Guaranty Trust Bank.< /p>
According to a statement from the agency on Tuesday, the FCA said the fine was imposed because of deficiencies in GTBank's anti-money laundering systems and controls.
Quoting the statement, Reuters reported that the failures were highlighted by the bank's internal and external sources.
The FCA further noted that GT Bank failed to take appropriate action to repair the system despite the warnings.
“These weaknesses have been repeatedly reported to GT Bank by internal and external sources, including the FCA, but despite this, GT Bank has not taken appropriate action to correct them,” Financial said. Conduct Authority.
According to the FCA, Guaranty Trust Bank did not contest the findings and agreed to settle.
The PUNCH contacted GT Bank for development feedback via mail.
At the time of filing the report, GT Bank did not respond to our correspondent's requests.
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Contact: [email protected]
The Financial Conduct Authority, a UK-based financial watchdog, has imposed a £7.6 million ($9.3 million) fine on the UK branch of Nigeria's Guaranty Trust Bank.< /p>
According to a statement from the agency on Tuesday, the FCA said the fine was imposed because of deficiencies in GTBank's anti-money laundering systems and controls.
Quoting the statement, Reuters reported that the failures were highlighted by the bank's internal and external sources.
The FCA further noted that GT Bank failed to take appropriate action to repair the system despite the warnings.
“These weaknesses have been repeatedly reported to GT Bank by internal and external sources, including the FCA, but despite this, GT Bank has not taken appropriate action to correct them,” Financial said. Conduct Authority.
According to the FCA, Guaranty Trust Bank did not contest the findings and agreed to settle.
The PUNCH contacted GT Bank for development feedback via mail.
At the time of filing the report, GT Bank did not respond to our correspondent's requests.
Please share this story:
All rights reserved. This material and any other digital content on this website may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without the prior express written permission of PUNCH.
Contact: [email protected]
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