TOP STORY: GTBank, UK finance agency reach settlement over anti-money laundering control gaps | TheCable
The bank spoke on the matter in a statement on Tuesday, saying it has implemented measures to ensure its AML framework operates within regulatory standards.
It also accused the bank of failing to monitor customer transactions and business relationships to the required standard.“These weaknesses were repeatedly highlighted to GTBank by internal and external sources, including the FCA, but despite this, GTBank failed to take appropriate action to fix them,” FCA had said.
It said the penalty was calculated by reference to a proportion of the revenues of GTBank UK over the relevant period and includes a 30 percent discount for early settlement. The bank said the FCA findings were final, and no further action is anticipated in respect of the matter.According to the bank, the FCA acknowledged in its findings that the financial institution has spent considerable time and resources in order to bring its AML standards up to the required level.
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