United Kingdom’s Financial Conduct Authority on Friday announced that it has fined Guaranty Trust Bank U.K. Ltd £ 525,000 pounds for failings in its anti-money laundering controls for high risk customers between May 2008 and June 2010.
GT Bank, a subsidiary of Nigerian Guaranty Trust Bank PLC, started operations in London in May 2008, offering retail and wholesale banking products and services to private, corporate and institutional clients.
A review of GT Bank raised significant concerns and after further investigation, the FCA found GT Bank failed to establish effective anti-money laundering policies and procedures when they established their U.K. operations. GT Bank’s UK Managing Director, Ade Adebiyi stated that “we have fully cooperated with the FCA in its investigation and we have accepted the findings”. It was also contained in the statement thatr the lapses occurred early in the set up of the bank in Britain and they have since been addressed.
GT Bank settled at an early stage of the investigation and qualified for a 30% discount on its fine; without the discount the fine would have been £750,000.