UK arm of multinational Nigerian financial services company fined £7.6m 

Mark Battersby
clock • 2 min read

The Financial Conduct Authority has fined Guaranty Trust Bank (UK) Limited £7.6m for failures in its anti-money laundering systems and controls despite repeated warnings and an earlier penalty over inadequate AML measures.   In a statement on 10 January, the FCA said between October 2014 and July 2019, GT Bank failed to undertake adequate customer risk assessments, often not assessing or documenting the money laundering risks posed by its customers. The bank also failed to monitor customer transactions and business relationships to the required standard. These weaknesses were repeate...

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