FCA fines Guaranty Trust Bank 7.6 million for AML failures
On the 10th of January, the FCA issued Guaranty Trust Bank (UK) Limited (GT Bank) with a fine of £7,671,800 for severe weaknesses in its anti-money laundering (AML) systems and controls
between October 2014 and July 2019.
The subsidiary of Nigerian financial services firm Guaranty Trust Bank Holding Company (GTCO), failed to properly assess customers, the risks of money laundering, and conducting due diligence in client relationships and transactions.
The FCA require firms to have in place adequate AML controls in place to mitigate the risk of individuals and organisations using financial institutions, to bypass checks designed to prevent them benefitting from assets obtained by illegal means.
GT Bank has not disputed the FCA’s conclusions and agreed to settle, which means it has qualified for a 30% discount. Without this discount, the financial penalty would have been £10,959,700.