The FCA further noted that GT Bank had failed to take appropriate measures to fix the system despite warnings.

Nigeria’s Guaranty Trust Bank has been fined in the United Kingdom, according to a report by Punch.

UK- based financial watchdog, Financial Conduct Authority fined the British subsidiary of Nigeria’s Guaranty Trust Bank 7.6 million pounds ($9.3 million).

According to a statement by the body on Tuesday, the FCA said the fine was imposed due to the failures in GTBank’s anti-money laundering systems and controls.

Citing the statement, Reuters reported that the failures were highlighted by the bank’s internal and external sources.

The FCA further noted that GT Bank had failed to take appropriate measures to fix the system despite warnings.

“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.

According to the FCA, the Guaranty Trust Bank has not disputed the findings and agreed to settle.

When contacted, the bank, in a statement sent to PUNCH, said, “Guaranty Trust Bank UK Limited has reached settlement with the FCA, accepting findings in relation to historical Anti-Money Laundering controls in its operations in the period October 2014 to July 2019.”

The bank further noted that it “has cooperated fully with the FCA investigation and has agreed a penalty sum of GBP7,671,800, which has been calculated by reference to a proportion of the revenues of GTBank UK over the relevant period and includes a 30% discount for early settlement.”

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