The UK Fiscal Conduct Authority (FCA) has levied a fine, in the amount of £525,000, upon Guaranty Trust Bank Ltd., a subsidiary of Nigerian Guaranty Trust Bank PLC, for multiple money laundering violations. Apparently, there was a 30% discount given, due to bank cooperation.
The violations found include:
(1) Failure in the bank's AML controls.
(2) Non-existent AML systems.
(3) A failure to check customers against sanctions lists, and to inquire as to their possible PEP status.
(4) There was no check on Source of Funds.
Readers who wish to review the complete text of the 33-page document can find it here*.
*FCA Final Notice 2013: Guaranty Trust Bank