GTB UK fined £7.7m over money laundering control lapses

“for serious weaknesses in its anti-money laundering systems and controls between October 2014 and July 2019,” the watchdog said Tuesday in a statement.

FCA noted that GTB fell short of the obligation to track customer transactions and business dealings in conformity to expected standard, adding insiders and external sources continually pointed the flaws to GTB, which refrained from making moves to address them. “’GT Bank should have acted quickly to put in place adequate AML controls following its fine in 2013 but it failed to do so. GT Bank did not develop a plan that was capable of addressing its AML weaknesses, exposing it and the broader market to financial crime risks for a prolonged period,” said Mark Steward, FCA’s executive director of Enforcement and Market Oversight.

The document said “GT Bank has not disputed the FCA’s findings and agreed to settle, which means it has qualified for a 30 per cent discount.”The watchdog, which regulates the conduct of 50,000 companies in the country, expects functional AML controls to be installed by the firms it oversees to curb threats from persons and organisations using financial services firms to bypass checks aimed at blocking them from enjoying illicitly acquired assets.

That's a lot of money...

This is the modus operandus of every bank coming out of Nigeria. They are all involved in money laundering and illicit financial transactions. The Nigerian regulators have no liver to sanction these banks because they are also complicit.

Not surprised. They still want to pay slave wages and expect you to work like one whilst their mates are paying well and delivering necessary controls

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