{"id":11049,"date":"2023-01-11T16:19:54","date_gmt":"2023-01-11T16:19:54","guid":{"rendered":"https:\/\/theblogonline.com\/?p=11049"},"modified":"2023-01-11T16:19:54","modified_gmt":"2023-01-11T16:19:54","slug":"gtbank-money-laundering","status":"publish","type":"post","link":"https:\/\/theblogonline.com\/?p=11049","title":{"rendered":"Money Laundering: UK Based Financial Watchdog Fines GTBank $9.3 million"},"content":{"rendered":"

The United Kingdom- based financial watchdog, Financial Conduct Authority<\/a>, has fined the British subsidiary of Nigeria\u2019s Guaranty Trust Bank<\/a> 7.6 million pounds ($9.3 million).<\/p>\n

According to a statement by the body on Tuesday, the FCA<\/a> said the fine was imposed due to the failures in GTBank<\/a>\u2019s anti-money laundering systems and controls.<\/span><\/p>\n

Citing the statement, Reuters<\/a> reported that the failures were highlighted by the bank\u2019s internal and external sources.<\/span><\/p>\n

The FCA<\/a> further noted that GTBank<\/a> had failed to take appropriate measures to fix the system despite warnings.<\/span><\/p>\n

\u201cThese weaknesses were repeatedly highlighted to GTBank<\/a> by internal and external sources, including the FCA<\/a>, but despite this, GT Bank failed to take appropriate action to fix them,\u201d the Financial Conduct Authority<\/a> said.<\/span><\/p>\n

According to the FCA<\/a>, the Guaranty Trust Bank<\/a> has not disputed the findings and agreed to settle.<\/span><\/p>\n

The PUNCH<\/a> has reached out to GTBank<\/a> for comments on the development via mail.<\/span><\/p>\n

As of the time of filing report, GTBank<\/a> has not responded to our correspondent\u2019s inquiries.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The United Kingdom- based financial watchdog, Financial Conduct Authority, has fined the British subsidiary of Nigeria\u2019s Guaranty Trust Bank 7.6 million pounds ($9.3 million).<\/p>\n","protected":false},"author":1,"featured_media":10130,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[6100,287,3968,89],"class_list":["post-11049","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro","tag-financial-watchdog","tag-gtbank","tag-money-laundering","tag-uk"],"_links":{"self":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/11049"}],"collection":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11049"}],"version-history":[{"count":1,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/11049\/revisions"}],"predecessor-version":[{"id":11050,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/11049\/revisions\/11050"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/media\/10130"}],"wp:attachment":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11049"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11049"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11049"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}