Britain\u2019s financial services regulator said on Friday it had fined the UK subsidiary of Nigeria\u2019s Guaranty Trust Bank (GUARANT.LG) (GUARq.L) 525,000 pounds ($815,000) for failing to have adequate controls to prevent money laundering.<\/p>\n
The Financial Conduct Authority (FCA) said that between May 2008 and July 2010, GT Bank UK 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 \u201chigh risk\u201d accounts.<\/p>\n
\u201cBanks are at the front line in ensuring the proceeds of crime do not enter the UK financial system,\u201d said Tracey McDermott, the FCA\u2019s director of enforcement.<\/p>\n
\u201cGT Bank\u2019s failures were serious and systemic and resulted in an unacceptable risk of handling the proceeds of crime.\u201d<\/p>\n
GT Bank UK\u2019s managing director said in a statement: \u201cWe have fully co-operated with the FCA in its investigation and we have accepted the findings.\u201d The statement said the lapses occurred early in its set up in Britain and had since been addressed.<\/p>\n
London has been a favorite money-laundering venue for corrupt Nigerian politicians and criminal gangs. The role of British-based banks was highlighted during the trial and conviction of James Ibori, former governor of Nigeria\u2019s oil-producing Delta state, last year.<\/p>\n
Ibori and his mistress held accounts at several British banks through which they laundered millions of pounds, it was alleged in the court case.<\/p>\n
He is serving a 13-year prison sentence for embezzling 50 million pounds of state funds.<\/p>\n
Reuters<\/p>\n","protected":false},"excerpt":{"rendered":"
Britain\u2019s financial services regulator said on Friday it had fined the UK subsidiary of Nigeria\u2019s Guaranty Trust Bank (GUARANT.LG) (GUARq.L) 525,000 pounds ($815,000) for failing to have adequate controls to…<\/p>\n","protected":false},"author":1,"featured_media":16216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-16215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n