UK Fines GTBank Over Inadequate Money Laundering Checks

The United Kingdom-based Financial Conduct Authority has fined the UK subsidiary of the Guaranty Trust Bank over £500,000 for failing to do thorough anti-money laundering checks on its potential clients from high-risk countries. The FCA said on Friday that between May 2008 and July 2010, the bank had failed to assess 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. Guaranty Trust Bank opened a UK office in 2008 offering retail and wholesale banking to private and corporate clients, according to the regulator. Specifically, the FCA said in a statement that it had levied a £525,000 fine on the UK subsidiary of the bank after it looked at the bank’s systems as part of a wider review into anti-money laundering controls among banks. Read More At Punch