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Guaranty Trust Bank Fails to Put in Place Proper Anti-money-laundering Systems Again

Britain’s financial watchdog has fined the UK subsidiary of Nigeria’s Guaranty Trust Bank $9.3m for what it says are further failures in its anti-money-laundering systems and controls. “These weaknesses were repeatedly highlighted to GT Bank by internal and external sources, including the FCA, but despite this, GT Bank failed to take appropriate action to fix them,” the Financial Conduct Authority said in a statement on Tuesday. The watchdog said GT Bank has not disputed the findings and agreed to settle, making it eligible for a 30 percent discount on the fine, down from the original $13.3m. “GT Bank’s conduct is particularly egregious as this is not the first time that the bank has faced enforcement action in relation to its AML controls,” the statement said. Gbenga Alade, managing director of GT Bank UK, said the bank takes its anti-money laundering obligations extremely seriously and noted the FCA’s findings with sincere regret, adding that the FCA found no instances of suspected money laundering.