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 fined EFG Private Bank Ltd (EFG) £4.2 million for failing to take reasonable care to establish and maintain effective anti-money laundering (AML) controls for high risk customers. EFG is a subsidiary of a Swiss global banking organisation which provides private banking and wealth management services to high net worth individuals. Some of its […]