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[ MAIN ]BANKING & FINANCENEWS

UK Penalizes GTBank For Ineffective Money Laundering Checks

The United Kingdom-based Financial Conduct Authority has penalized the UK subsidiary of the Guaranty Trust Bank over £500,000 for failing to perform thorough and adequate  anti-money laundering checks on its potential clients from high-risk countries.

The regulator said on Friday that between May 2008 and July 2010, the bank had failed to evaluate 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, Reuters’ report said.

According to FCA, Guaranty Trust Bank opened a UK office in 2008 offering retail and wholesale banking to private and corporate clients. In a statement, the regulator said that it had fined a £525,000 fee on the UK subsidiary of the bank after it screened the bank’s systems as part of a broader review into anti-money laundering controls among banks.

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