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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
