The UK subsidiary of GTBank has failed it anti-money laundering systems and controls between October 2014 and July 2019, this has made Financial Conduct Authority (FCA), to place a fine of £7.6 million on the organization.
span style=”font-family: ‘times new roman’, times, serif”>According to a statement issued on Tuesday by the FCA, said during the period, “GT Bank (UK), failed to undertake adequate customer risk assessments, often not assessing or documenting the money laundering risks posed by its customers. It was also added that the bank failed to monitor customer transactions and business relationships to the required standard.”
span style=”font-family: ‘times new roman’, times, serif”>”From early 2018, GT Bank stopped taking on new customers. Later that year, GT Bank agreed to wider voluntary restrictions on business, given the FCA’s ongoing concerns. Requirements remained in place until the middle of 2021 when they were lifted after the bank completed a remediation plan, checked by an independent third party” looking at various reports this is not the first time that the bank has faced enforcement action in relation to anti-money laundering controls, with the FCA. According to the Financial Conduct Authority GTBank has not dispute this findings and agree to settle.
span style=”font-family: ‘times new roman’, times, serif”>Reacting to this, the bank 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,” stating that it “has cooperated fully with the FCA investigation and has agreed a penalty sum of GBP7,671,800, which include the grace of 30% discount for early settlement.”