On 8 August 2013, the FCA issued a Final Notice fining Guaranty Trust Bank (UK) Limited £525,000 (Stage 1: 30% discount) for breaches of Principle 3 (management and control) of the FCA’s Principles for Businesses between 19 May 2008 and 19 July 2010. According to the FCA, the Nigeria-based lender’s UK subsidiary unit failed to document risks posed by higher-risk customers when it set up a London office in 2008. Guaranty had failed to screen its potential clients against sanction lists and did not establish and verify with adequate evidence the source of wealth and funds of higher risk customers. The FCA’s action against Guaranty serves as another example of the regulator making anti-money laundering controls a priority.
Register now for your free, tailored, daily legal newsfeed service.
Questions? Please contact email@example.comRegister
FCA fines Guaranty Trust Bank (UK) Ltd £525,000 for failures in its anti-money laundering controls
Popular articles from this firm
If you would like to learn how Lexology can drive your content marketing strategy forward, please email firstname.lastname@example.org.
Related topic hubs
HP Enterprise Services
“I find the Lexology newsfeeds very informative as they provide concise and to-the-point content. Thanks for providing a very good service.”