London — Britain’s financial watchdog has fined the UK subsidiary of Nigeria’s Guaranty Trust Bank £7.6 million pounds ($9.3 million) for what it said were further failures in its anti-money laundering systems and controls.
“These weaknesses were repeatedly highlighted to GT Bank by internal and external sources, including the FCA, but despite this, GT Bank failed to take appropriate action to fix them,” the Financial Conduct Authority said in a statement on Tuesday.
The watchdog said the Guaranty Trust Bank has not disputed the findings and agreed to settle.
($1 = 0.8214 pounds)
*Huw Jones; Editing: Kirsten Donovan – Reuters
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