FCA orders GT Bank to pay $9.4M for ‘reckless’ AML weaknesses

Financial Conduct Authority

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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