GT Bank fined £7.7m in UK for repeat of AML breaches

The UK subsidiary of Nigeria's GT Bank must pay a UK£7,671,800 penalty after the Financial Conduct Authority (FCA) found comprehensive failings under the Money Laundering Regulations across the period 21 October 2014 to 12 July 2019, even though the anti-money laundering (AML) control flaws were previously noted by its own Compliance and Internal Audit functions, an external consultant, and highlighted by the regulator in 2014 and 2017.

The UK subsidiary of Nigeria's GT Bank must pay a UK£7,671,800 penalty after the Financial Conduct Authority (FCA) found comprehensive failings under the Money Laundering Regulations across the period 21 October 2014 to 12 July 2019 [1], even though the anti-money laundering (AML) control flaws were previously noted by its own Compliance and Internal Audit functions, an external consultant, and highlighted by the regulator in 2014 and 2017.