Nigeria’s GT Bank fined in UK over money-laundering failures

Monetary watchdog says GT Financial institution, a repeat offender, has not disputed the findings and agreed to settle.

Warranty Belief Financial institution didn't dispute UK findings that it had once more didn't put in place correct anti-money-laundering techniques and controls and was fined [File: Issouf Sanogo/AFP]

Britain’s monetary watchdog has fined the UK subsidiary of Nigeria’s Warranty Belief Financial institution 7.6 million kilos ($9.3m) for what it says are additional failures in its anti-money-laundering techniques and controls.

“These weaknesses had been repeatedly highlighted to GT Financial institution by inside and exterior sources, together with the FCA, however regardless of this, GT Financial institution didn't take acceptable motion to repair them,” the Monetary Conduct Authority stated in a press release on Tuesday.

The watchdog stated GT Financial institution has not disputed the findings and agreed to settle, making it eligible for a 30 p.c low cost on the superb, down from the unique 10.96 million kilos ($13.3m).

“GT Financial institution’s conduct is especially egregious as this isn't the primary time that the financial institution has confronted enforcement motion in relation to its AML controls,” the assertion stated.

Gbenga Alade, managing director of GT Financial institution UK, stated the financial institution takes its anti-money laundering obligations extraordinarily severely and famous the FCA’s findings with honest remorse, including that the FCA discovered no situations of suspected cash laundering.

“We wish to guarantee all our stakeholders and most people that crucial steps have been taken to deal with and resolve the recognized gaps,” Alade stated in a press release.

 In August 2013, the FCA fined it 525,000 kilos ($627,323) for operating afoul of the rules.

“Banks are on the entrance line in guaranteeing the proceeds of crime don't enter the UK monetary system,” Tracey McDermott, the FCA’s director of enforcement, stated on the time. “GT Financial institution’s failures had been critical and systemic and resulted in an unacceptable threat of dealing with the proceeds of crime.”

The financial institution stated then that it had complied with the superb and addressed the problems.