Money Laundering: GT Bank UK Branch Fined £525,000

The UK subsidiary of Nigeria’s Guaranty Trust Bank has been fined £525,000 for failing to prevent money laundering between May 2008 and July 2010.

Britain’s financial services regulator said GT Bank UK had failed to assess potential money-laundering risks, screen customers against sanction lists, establish the purpose of the accounts being opened in their London branch or review the activity of “high risk” accounts.

The financial conduct authority said the failures were serious and systemic and resulted in an unacceptable risk of handling the proceeds of crime.

Managing director of the UK unit, Ade Adebiyi, said in a statement that the lapses occurred early in its set up in Britain and had since been addressed.