In May 2012 THE FSA fines bank and its former MLRO for failure to comply with anti-money laundering requirements In May 2012 the FSA issued Final Notices fining Habib Bank AG Zurich (“Habib”) £525,000 for failure to take reasonable care to establish and maintain adequate anti-money laundering (“AML”) systems and controls and fining its former […]

On 8 August 2013 the Financial Conduct Authority (“FCA”) issued a Final Notice against Guaranty Trust Bank (UK) Limited (“GTBUK”), the fifth in a series of cases arising from the FSA’s 2010 thematic review of banks’ management of higher money laundering risk situations. GTBUK was fined £525,000 (after the application of a 30% early settlement […]

The Financial Conduct Authority (FCA) has fined Guaranty Trust Bank (UK) Ltd (GT Bank) £525,000 for failings in its anti-money laundering (AML) controls for high risk customers between May 2008 and June 2010. These failings are particularly serious as they affected customers based in countries associated with a higher risk of money laundering, bribery or […]

Britain’s financial services regulator said on Friday it had fined the UK subsidiary of Nigeria’s Guaranty Trust Bank (GUARANT.LG) (GUARq.L) 525,000 pounds for failing to have adequate controls to prevent money laundering. The Financial Conduct Authority (FCA) said that between May 2008 and July 2010, GT Bank UK had failed to assess potential money-laundering risks, […]

FCA has published its 2012/2013 annual AML report. The report summarises enforcement action and the findings of the thematic reviews of banks’ management of high money laundering risk situations and banks’ control of financial crime risks in trade finance. It then goes on to list the current trends and emerging risks that FCA is helping […]

The FCA has published a report summarising the results of its thematic review into banks’ control of financial crime risk in trade finance. The report highlights areas of common weakness between the banks visited and also sets out examples of good and poor practice. It covers the following areas: governance and management information, risk assessment, policies and […]

A team of the Central Bureau of Investigation (CBI) of India arrives in Mauritius as part of an investigation into a money laundering case involving a former Minister of India. The former minister Janardhan Reddy, currently in custody, suspected of being the head of the companies involved in illegal mining. According to Indian media, Janardhan […]

The Jersey Financial Services Commission (the “Commission”) has issued a Consultation Paper on proposals to amend the Money Laundering (Jersey) Order 2008. The Consultation Paper deals with a number of recommendations made by the International Monetary Fund (the “IMF”) in 2009 to strengthen the measures that are applied in Jersey by financial institutions, such as […]