GTBank agrees to settle £7.6 million fine from the UK watchdog for lax money-laundering controls.

Africa

GTBank agrees to settle £7.6 million fine from the UK watchdog for lax money-laundering controls.

January 10, 2023January 10, 2023

The UK subsidiary of Nigeria’s Guaranty Trust Bank was fined £7.6 million ($9.3 million) by Britain’s financial watchdog for what it claimed were additional shortcomings in the bank’s anti-money laundering systems and controls.

The Financial Conduct Authority stated in a statement on Tuesday that “these deficiencies were frequently brought to GT Bank’s attention by internal and external sources, including the FCA, but GT Bank failed to take appropriate action to rectify them.”

The Guaranty Trust Bank has agreed to settle and has not disputed the watchdog’s conclusions, according to the bank.

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