- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Neil Hodge2023-01-12T15:34:00
The U.K. Financial Conduct Authority (FCA) fined Guaranty Trust Bank approximately 7.67 million pounds (U.S. $9.4 million) for weaknesses in its anti-money laundering (AML) systems and controls that spanned a five-year period.
In its final decision notice issued Tuesday, the FCA said between October 2014 and July 2019 that GT Bank—a wholly owned subsidiary of Guaranty Trust Bank Nigeria Limited—failed to carry out adequate customer risk assessments, often neglecting to assess or document the money laundering risks posed by its customers.
The bank also failed to monitor customer transactions and business relationships properly.
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2023-10-03T21:01:00Z By Kyle Brasseur
ADM Investor Services International was ordered to pay nearly £6.5 million (U.S. $7.9 million) by the U.K. Financial Conduct Authority for not timely addressing anti-money laundering systems and controls deficiencies first alleged by the regulator in 2014.
2023-09-12T15:00:00Z By Neil Hodge
The former CEO of NatWest’s decision to leak client details to the press regarding Nigel Farage is likely to cost the financial industry millions in new compliance checks as U.K. regulators prepare reviews into how banks treat people with extreme political views.
2023-03-29T18:13:00Z By Jeff Dale
The U.K. Gambling Commission announced three units of British bookmaking service William Hill Group will pay a record fine of £19.2 million (U.S. $23.7 million) for failures regarding social responsibility and anti-money laundering.
2025-04-22T12:00:00Z
The Federal Trade Commission (FTC) filed a lawsuit against Uber, alleging the ride-hailing company signed customers up for its Uber One subscription without consent, then made it hard for them to cancel. The move marks the U.S. government’s latest broadside against big tech companies, and the first major action from ...
2025-04-18T17:45:00Z By Oscar Gonzalez
The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...
2025-04-15T07:30:00Z By Aaron Nicodemus
The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.
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