FCA Imposes £7.6m Penalty on GTBank UK for AML System Failures

Britain’s Financial Conduct Authority has fined Guaranty Trust Bank’s UK unit £7.6 million for persistent shortcomings in its anti–money laundering controls between October 2014 and July 2019. The FCA cited repeated failures to carry out adequate customer risk assessments and to document potential money laundering risks. Despite internal and regulator warnings, the bank did not fully address these gaps. GTBank UK’s managing director expressed regret over the findings and assured stakeholders that remedial measures have been implemented. The fine was reduced from £11 million after the bank agreed the FCA’s findings without contest. This follows a previous FCA penalty of £525,000 in 2013 for similar systemic compliance failings.

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