Thursday , 26 January 2023
Managing director of GT Bank UK, Gbenga Alade

GT Bank In Money-Laundering Scandal In Uk

The name Nigeria has been soiled again by one of the biggest financial institutions, Guaranty Trust Bank UK branch, despite all efforts by President Mohammadu Buhari to redeem Nigeria’s image across the world.

The Guaranty Trust Bank is in the middle of a serious money laundering scandal, according to the report the bank has been in the mess several times, and Britain’s financial watchdog has fined the Bank 7.6 million pounds ($9.3m) for money-laundering offences.

“Financial watchdog says GT Bank, a repeat offender, has not disputed the findings and agreed to settle. The bank has failed 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 10.96 million pounds ($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.

Managing director of GT Bank UK, Gbenga Alade, 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.

“We would like to assure all our stakeholders and the general public that necessary steps have been taken to address and resolve the identified gaps,” Alade said in a statement. SOURCE: https://www.aljazeera.com/news/2023/1/10/uk-watchdog-fines-nigerias-gtbank-over-money-laundering-failures

About admin

Check Also

2023 ELECTION: Votes For Me, Vote Agricultural, Infrastructural Development- Tinubu

All Progressive Congress (APC) presidential candidate Asiwaju Bola Ahmed Tinubu expressed excitement for the crowd …

END OF AN ERA: The Glorious Exit Of Ace Photojournalist, FEMI ADEBESIN-KUTI

..NUJ, GPN Others Mourn, Flurry of Tributes By Eno-Abasi Sunday and Omiko Awa Multiple award-winniphotojournalistsist, …

Customs Seizes N13.908bn Smuggled Goods

The Nigeria Customs Service (NCS), Federal Operations Unit (FOU), Zone ‘A’, with headquarters in Ikeja, …

Pele To Be Buried On Tuesday, January 3rd As Brazil Declares Three Days Of Mourning

The remains of football legend Pele’s remains will be laid to rest on Tuesday, January …

2023: Court Restores Mohammed Abacha As Kano PDP Governorship Candidate

Justice A. M. Liman of the Federal High Court in Kano ordered the Independent National …

Guild of Photojournalists Nigeria (GPN) Set To Hold Annual Conference/Exhibition And Award

Guild of Photojournalists Nigeria (GPN) the umbrella body for practicing photojournalists in Nigeria has concluded …

November 13, 2022 Cover

admin See author's posts

Governor Akeredolu, I am Hopeful That Osun State Governor, Oyetola, Would Emerge Victorious At The Tribunal.

Ondo State Governor, Arakunrin Rotimi Akeredolu has said that he is hopeful that Osun State …

Leave a Reply

error

Enjoy this? Share