Guaranty Trust Bank U.K. Limited has accepted the U.K. Financial Conduct Authority, FCA, in relation to Anti-Money Laundering controls in its operations between October 2014 and July 2019.
A statement by the bank’s Managing Director, Gbenga Alade, released on Tuesday in Lagos, said the bank had cooperated fully with the FCA investigation and had agreed a penalty of 7,671,800 pounds.
He said the amount was calculated by reference to a proportion of the revenues of GTBank U.K. over the relevant period and included a 30 per cent discount for early settlement.
There were earlier reports that the FCA found that some of the bank’s historic AML controls and processes did not operate in line with relevant regulatory requirements.
The FCA investigation focused on GTBank UK’s AML controls and steps taken by the bank to remediate them to ensure they operated in line with the relevant requirements.
The findings are final, and no further action is anticipated in respect of the matter.