Close Menu
    Facebook X (Twitter) Instagram
    Trending
    • One Year After, Experts Review Tinubu’s 2024 Protest Speech, Say Progress Minimal
    • ‘Let’s Stop Playing Games’, Reps Fume At Minister As ₦5bn Baro Port Remains Unused
    • Tinubu Urges Governors To Invest More In Poverty Eradication, Others
    • Kano Governor Appoints ICPC Veteran, Saidu Yahya As New Anti-Corruption Boss
    • INEC Mobilises Stakeholders Ahead Of August 12 Voter Registration In Yobe
    • Kaduna Summit Backs Tinubu’s Reforms, Demands More On Education, Citizen Dialogue
    • Keynote Address By Tony O. Elumelu At The African Caucus Meeting
    • Super Eagles Forward, Osimhen Completes Transfer To Galatasaray In Record €75m Deal
    Facebook X (Twitter) Instagram
    NEWS POINT NIGERIANEWS POINT NIGERIA
    UBA 720X90
    • HOME
    • NEWS

      One Year After, Experts Review Tinubu’s 2024 Protest Speech, Say Progress Minimal

      August 1, 2025

      ‘Let’s Stop Playing Games’, Reps Fume At Minister As ₦5bn Baro Port Remains Unused

      August 1, 2025

      Tinubu Urges Governors To Invest More In Poverty Eradication, Others

      August 1, 2025

      Kano Governor Appoints ICPC Veteran, Saidu Yahya As New Anti-Corruption Boss

      August 1, 2025

      INEC Mobilises Stakeholders Ahead Of August 12 Voter Registration In Yobe

      August 1, 2025
    • COLUMN

      Balkanisation, Push-Back: Can ADC Weather The Storm? – By Zainab Suleiman Okino

      July 31, 2025

      Buhari: May Our Subsequent Leaders Die At Home (2) – By Dr Hassan Gimba

      July 28, 2025

      New Wave Of Malnutrition And The Road To 2027 – By Dr Dakuku Peterside

      July 28, 2025

      Dignifying The Nigeria Police – By Kazeem Akintunde

      July 28, 2025

      Land Grab: Why UniAbuja Needs Presidential Protection (Part 2) – By Martins Oloja

      July 28, 2025
    • EDUCATION

      13 Countries Offering Free Or Low-Cost PhD Programmes For Non-Citizens

      January 25, 2025

      NECO: Abia, Imo Top Performing States In Two Years, Katsina, Zamfara Come Last

      October 3, 2024

      NBTE Accredits 17 Programmes At Federal Polytechnic Kabo

      August 20, 2024

      15 Most Expensive Universities In Nigeria

      May 19, 2024

      FULL LIST: Tinubu Appoints Former SGF Yayale, Ex-Governor Yuguda, Muhammad Abacha, Jega In Universities’ Governing Councils

      May 18, 2024
    • INTERNATIONAL

      Palestinian Newborns Starving In Gaza As Infant Formula Runs Out

      August 1, 2025

      Microsoft Accuses Russia’s FSB Of Using Malware Against Foreign Embassies

      August 1, 2025

      Israel Starves More Palestinians To Death In Gaza As Attacks Continue

      July 31, 2025

      Trump Hits India With 25% Tariff, Extra ‘Penalty’ For Russian Oil Purchases

      July 31, 2025

      Gaza On ‘Brink Of Full-Scale Famine’ As Israel Blocks Crucial Aid

      July 30, 2025
    • JUDICIARY

      FULL LIST: Judicial Council Recommends Appointment Of 11 Supreme Court Justices

      December 6, 2023

      Supreme Court: Judicial Council Screens 22 Nominees, Candidates Face DSS, Others

      November 29, 2023

      FULL LIST: Judicial Commission Nominates 22 Justices For Elevation To Supreme Court

      November 16, 2023

      Seven Key Issues Resolved By Seven Supreme Court Judges

      October 26, 2023

      FULL LIST: CJN To Swear In Falana’s Wife, 57 Others As SANs November 27

      October 12, 2023
    • POLITICS

      What Peter Obi May Lose If He Joins Coalition As VP Candidate

      May 25, 2025

      Atiku Moves To Unseat Wike’s Damagum As PDP Chairman, Backs Suswam As Replacement

      April 15, 2024

      Edo’s Senator Matthew Uroghide, Others Defect To APC

      April 13, 2024

      Finally, Wike Opens Up On Rift With Peter Odili

      April 2, 2024

      El-Rufa’i’s Debt Burden: APC Suspends Women Leader For Criticising Kaduna Gov

      March 31, 2024
    • SPORTS

      Super Eagles Forward, Osimhen Completes Transfer To Galatasaray In Record €75m Deal

      August 1, 2025

      AfroBasket 2025: Nigeria’s D’Tigress To Play Cameroon In Quarter-Final

      August 1, 2025

      Nigeria’s D’Tigress Await Angola, Cameroon As 2025 Afrobasket Enters Quarterfinals

      July 31, 2025

      Manchester United Open Talks To Sign RB Leipzig’s Benjamin Sesko

      July 31, 2025

      Remo Stars Begin NPFL Title Defence Against Rivers United, Abia Warriors Host Pillars

      July 30, 2025
    • MORE
      • AFRICA
      • ANALYSIS
      • BUSINESS
      • ENTERTAINMENT
      • FEATURED
      • LENS SPEAK
      • INFO – TECH
      • INTERVIEW
      • NIGERIA DECIDES
      • OPINION
      • Personality Profile
      • Picture of the month
      • Science
      • Special Project
      • Videos
      • Weekend Sports
    NEWS POINT NIGERIANEWS POINT NIGERIA
    UBA 720X90
    Home - Money Laundering: UK Slams N4.1bn Fine On GTbank

    Money Laundering: UK Slams N4.1bn Fine On GTbank

    By EditorJanuary 10, 2023
    A gt

    A UNITED Kingdom-based financial watchdog, Financial Conduct Authority (FCA), has fined the British subsidiary of Nigeria’s Guaranty Trust Bank N4.1 Billion (£7.6 million/$9.3 million) over weak money laundering control system.

    The FCA in a statement on Tuesday said the bank failed in its anti-money laundering systems and controls.

    It stated that the failures were highlighted by the bank’s internal and external sources, Reuters reports, adding that GTBank failed to take appropriate measures to fix the system despite warnings.

    UBA

    “These weaknesses were repeatedly highlighted to GTBank by internal and external sources, including the FCA, but despite this, GTBank failed to take appropriate action to fix them,” the FCA said.

    According to the FCA, the bank did not fault its findings and had agreed on settlement.

    WIDGET ADS

    The bank also confirmed in a statement that it had reached settlement with the FCA and accepted the findings in relation to Anti-Money Laundering (AML) controls in its operations between October 2014 and July 2019.

    A statement by the bank’s Managing Director, Mr. Gbenga Alade, on Tuesday, said the bank had cooperated fully with the FCA investigation and had agreed a penalty of £7,671,800.

    Thomas Sankara African Leadership Prize

    He said the amount was calculated by reference to a proportion of the revenues of GTBank UK over the relevant period and included a 30 per cent discount for early settlement.

    The statement reads in part, “As a responsible financial services institution that is committed to best practices, GTBank UK takes its AML obligations extremely seriously.

    Nigerian TAX Reform - Federal Goverment

    “We note with sincere regret the FCA’s findings regarding AML control gaps in our operations in the past and we are very sorry for this.

    “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.

    “Whilst there was no direct customer impairment arising from the period under review (and the FCA’s findings do not include any instances of suspected money laundering.)

    National Orientation Agency Page UP
    National Orientation Agency - Down

    “We have since reinforced our AML control framework and implemented changes in our AML processes in line with best practice with a view to ensuring that the highest standards are maintained in our operations.”

     

    GTBank UK
    Share. Facebook Twitter WhatsApp LinkedIn Telegram Email

    Related Posts

    Thousands Of Nigerians Risk Deportation As UK Revokes Sponsorship For Over 100 Skilled Jobs

    July 26, 2025

    Africa To Be hit Hard As UK Foreign Aid Cuts Revealed

    July 24, 2025

    Thousands Of Afghans Brought To UK Under Secret Programme After Data Leak

    July 15, 2025

    Brain Drain Deepens As 15,421 Nigerian Nurses Relocate To UK Since 2017

    July 13, 2025
    Add A Comment
    Leave A Reply Cancel Reply

    Latest Posts

    One Year After, Experts Review Tinubu’s 2024 Protest Speech, Say Progress Minimal

    August 1, 2025

    ‘Let’s Stop Playing Games’, Reps Fume At Minister As ₦5bn Baro Port Remains Unused

    August 1, 2025

    Tinubu Urges Governors To Invest More In Poverty Eradication, Others

    August 1, 2025

    Kano Governor Appoints ICPC Veteran, Saidu Yahya As New Anti-Corruption Boss

    August 1, 2025

    INEC Mobilises Stakeholders Ahead Of August 12 Voter Registration In Yobe

    August 1, 2025
    Advertisement
    WIDGET ADS
    News Point NG
    © 2025 NEWS POINT NIGERIA Developed by ENGRMKS & CO.
    • Home
    • About us
    • Disclaimer
    • Our Advert Rates
    • Privacy Policy
    • Terms of Use

    Type above and press Enter to search. Press Esc to cancel.

    Join Us On WhatsApp