₦airaland Forum

LONDON, Jan 10 (Reuters) - 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.
The Financial Conduct Authority (FCA) said it found "serious weaknesses" in systems aimed at preventing money laundering between October 2014 and July 2019.
The Week in Breakingviews newsletter offers insights and ideas from Reuters' global financial commentary team. Sign up here.
"During the relevant period, GT Bank failed to undertake adequate customer risk assessments, often not assessing or documenting the money laundering risks posed by its customers," the FCA said in a statement.

These weaknesses were repeatedly highlighted to GT Bank by internal and external sources, including the FCA, but GT Bank failed to take appropriate action to fix them, the watchdog said.
Gbenga Alade, managing director of GT Bank UK, said the bank takes it anti-money laundering obligations extremely seriously and noted the FCA's findings with sincere regret, adding that the FCA found no instances of suspected money laundering.

“We would like to assure all our stakeholders and the general public that necessary steps have been taken to address and resolve the identified gaps," Alade said in a statement.
The FCA had already fined GT Bank 525,000 pounds in August 2013 for serious and systemic failings related to anti-money laundering controls.
The FCA said that GT Bank has not disputed its findings and agreed to settle, thereby qualifying for a 30% discount on the fine, which would otherwise have amounted to 11 million pounds.

https://www.reuters.com/business/finance/uk-watchdog-fines-guaranty-trust-bank-over-money-laundering-controls-failure-2023-01-10/

GTB is known for cutting corners so they can declare huge profits. Some people even have accounts with GTB without knowing. FTC...pls show some love

GTB is falling down gradually

UK wahala no dey finish ooo..
Dem go chop Guaranty Bank money anyhow ooo..

GTB has been the most useless for two years running. The way the bank deducts money for ordinary transaction alert is ridiculous.

Dem don block one money wey dey go UK..
Big thieves sanction small thief ...

Diezani kn my mind.. dem even give am Asylum .
What a shame

GTB isnt what it used to be ...drop from top 3 to not mentioned at all...

Big money to be paid by an already collapsing bank shey Dem no go collapse patapata like dis

Shame it's the UK suing and not Innoson. No room to manipulate the judicial system this time

GT will pay because they have money like water. Bank wey dey give me better investment loan when I want.

Nigeria Gtbank next in line.

This is old news. Still surprise we are discussing it

bcomputer101:
GTB is falling down gradually

You wish.. Evil human being

Jigigev222:
LONDON, Jan 10 (Reuters) -
https://www.reuters.com/business/finance/uk-watchdog-fines-guaranty-trust-bank-over-money-laundering-controls-failure-2023-01-10/

Good development...do things properly. UK is not Nigeria where anything goes

Jigigev222:
LONDON, Jan 10 (Reuters) - 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.
The Financial Conduct Authority (FCA) said it found "serious weaknesses" in systems aimed at preventing money laundering between October 2014 and July 2019.
The Week in Breakingviews newsletter offers insights and ideas from Reuters' global financial commentary team. Sign up here.
"During the relevant period, GT Bank failed to undertake adequate customer risk assessments, often not assessing or documenting the money laundering risks posed by its customers," the FCA said in a statement.

These weaknesses were repeatedly highlighted to GT Bank by internal and external sources, including the FCA, but GT Bank failed to take appropriate action to fix them, the watchdog said.
Gbenga Alade, managing director of GT Bank UK, said the bank takes it anti-money laundering obligations extremely seriously and noted the FCA's findings with sincere regret, adding that the FCA found no instances of suspected money laundering.

“We would like to assure all our stakeholders and the general public that necessary steps have been taken to address and resolve the identified gaps," Alade said in a statement.
The FCA had already fined GT Bank 525,000 pounds in August 2013 for serious and systemic failings related to anti-money laundering controls.
The FCA said that GT Bank has not disputed its findings and agreed to settle, thereby qualifying for a 30% discount on the fine, which would otherwise have amounted to 11 million pounds.

https://www.reuters.com/business/finance/uk-watchdog-fines-guaranty-trust-bank-over-money-laundering-controls-failure-2023-01-10/

GTB thinks UK is nigeria where their illegalities can go unnoticed and bribe their way out

This bank needs ro be shut down.
Looks like a scam center.
Endless stories of underhand dealings.
Must be a conduit pipe for siphoning government money..

Shady deals everywhere

gerrardomendes:
GTB is known for cutting corners so they can declare huge profits.

Is there any bank that doesn’t?

If bank doesn’t cut corners, how do you think they make money?

Tooreda:
GTB has been the most useless for two years running. The way the bank deducts money for ordinary transaction alert is ridiculous.

How do you want them to pay the fine in £ pounds?

cr7lomo:
GTB isnt what it used to be ...drop from top 3 to not mentioned at all...

In what areas?

By what parameters?

Jigigev222:
LONDON, Jan 10 (Reuters) - 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.
The Financial Conduct Authority (FCA) said it found "serious weaknesses" in systems aimed at preventing money laundering between October 2014 and July 2019.
The Week in Breakingviews newsletter offers insights and ideas from Reuters' global financial commentary team. Sign up here.
"During the relevant period, GT Bank failed to undertake adequate customer risk assessments, often not assessing or documenting the money laundering risks posed by its customers," the FCA said in a statement.

These weaknesses were repeatedly highlighted to GT Bank by internal and external sources, including the FCA, but GT Bank failed to take appropriate action to fix them, the watchdog said.
Gbenga Alade, managing director of GT Bank UK, said the bank takes it anti-money laundering obligations extremely seriously and noted the FCA's findings with sincere regret, adding that the FCA found no instances of suspected money laundering.

“We would like to assure all our stakeholders and the general public that necessary steps have been taken to address and resolve the identified gaps," Alade said in a statement.
The FCA had already fined GT Bank 525,000 pounds in August 2013 for serious and systemic failings related to anti-money laundering controls.
The FCA said that GT Bank has not disputed its findings and agreed to settle, thereby qualifying for a 30% discount on the fine, which would otherwise have amounted to 11 million pounds.

https://www.reuters.com/business/finance/uk-watchdog-fines-guaranty-trust-bank-over-money-laundering-controls-failure-2023-01-10/

And Nigeria could not hold Binance accountable!

DenreleDave:
You wish.. Evil human being

Look at this ordinary GTB marketer calling me evil. You can testify to it that most intending customers no longer want to open account with GTB again.
Channel your frustration to your Regional Manager, who increased your monthly target.


Sorry ehn!

bcomputer101:
Look at this ordinary GTB marketer calling me evil. You can testify to it that most intending customers doesn't want to open account with GTB again.
Channel your frustration to Regional Manager that increased your monthly target.

evil man

ur wish will not come to pass, you will gradually fall too.

if you wish evil on thousands of employees, you will fall down too and ur family will be dissapointed.

Such an EVIL MAN for God sake,haaaaaaaaaa

Can someone explain this stamp duty always deducted by gtbank.
It is just plain ridiculous...
I have not encountered such with other banks...

DenreleDave:
evil man

ur wish will not come to pass, you will gradually fall too.

if you wish evil on thousands of employees, you will fall down too and ur family will be dissapointed.

Such an EVIL MAN for God sake,haaaaaaaaaa

Dave, If you're a GTB staff, you should be fired for taking up the work of the bank PR on social media. Who authorized you?

I hope ignorance will not kill you today.
You're responding under which capacity? Who are you?
Don't let me expose you to the banking sharks. I'm like a moving train, don't cross my lane.

gerrardomendes:
GTB is known for cutting corners so they can declare huge profits.

And you know this because you are a financial guru or?

Can you say this boldly with your real identity? or you big chest only works on a faceless forum?

DenreleDave:
evil man

ur wish will not come to pass, you will gradually fall too.

if you wish evil on thousands of employees, you will fall down too and ur family will be dissapointed.

Such an EVIL MAN for God sake,haaaaaaaaaa

The truth is always bitter.
I understand you're trying to save your job. GTB has lost is value.

This is very very malicious

Why are publishing a 2023 article in 2026 as if it’s recent ?

bcomputer101:
GTB is falling down gradually

Im telling you. This isn't good at all. It's my bank as a customer and as a shareholder. They've not been doing well lately. Maybe they're permitting politicians to encroach on their values.

The moment I noticed Adeola was being given an appointment by Tinubu. I knew something sinister was about befalling that bank. The west will never cover up whatever is coverable at home. UK isn't Nigeria.

ppogba:
In what areas?

By what parameters?

I owe you ₦10,000 if that guy gives you a correct and well detailed answer backed up with facts and figures.