Guaranty Trust Bank UK Limited (GTBank UK) has reached settlement with
the FCA, accep!ng #ndings in rela!on to historical An!-Money Laundering (AML) controls in its
opera!ons in the period October 2014 to July 2019.
The Bank has cooperated fully with the FCA inves!ga!on and has agreed a penalty sum of
GBP7,671,800, which has been calculated by reference to a propor!on of the revenues of
GTBank UK over the relevant period and includes a 30% discount for early settlement.
The FCA’s inves!ga!on focused on GTBank UK’s AML controls and steps taken by GTBank UK to
remediate these to ensure they operated in line with the relevant requirements. The findings are normal , and no further ac!on is anticipated in respect of this matter.The FCA acknowledged in its findings that GTBank UK has spent considerable time and resource in order to bring its AML standards up to the required level.
Commen!ng on the issue, Managing Director of GTBank UK, Mr. Gbenga Alade, said: “As a
responsible #nancial services ins!tu!on that is committed to best prac!ces, GTBank UK takes
its AML obliga!ons extremely seriously. We note with sincere regret the FCA’s findings
regarding AML control gaps in our opera!ons in the past and we are very sorry for this.”
He further stated; “We would like to assure all our stakeholders and the general public that
necessary steps have been taken to address and resolve the iden!#ed gaps. Whilst there was no direct customer impairment arising from the period under review [and the FCA’s findings do not include any instances of suspected money laundering], we have since reinforced our AML
control framework and implemented changes in our AML processes in line with best prac!ce
with a view to ensuring that the highest standards are maintained in our opera!ons.”
The Guaranty Trust Banking Group, including GTBank UK, is fully committed to the fight against all forms of #nancial crime and to con!nuing to meet all applicable #nancial crime regula!ons and legisla!on globally. Our AML policies and controls, together with our overall risk management strategy, are regularly reviewed and revised to ensure that they remain relevant and current in line with the evolving regulatory requirements.
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