UK FINES GTB FOR POOR MONEY LAUNDERING CHECKS

The United Kingdom subsidiary of GTB has been fined by markets regulators for money laundering offenses. The bank was fined €500,000,that's over #150m for failing to have control to prevent money laundering. 

The Financial Conduct Authority said on Friday that between May 2008 and July 2010, the bank 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 "high risk" accounts, Reuters' report said.

 
A similar report by the Financial Times quoted the regulator as saying that the bank was not rigorous enough in pressing potential customers on their sources of wealth.

 
The Nigerian authorities in 2007 named GTB's parent bank, the first African bank to list in London, as one of two banks used by the former Governor of Delta State, James Ibori, in their money laundering investigation of him.

Reacting to the fine, Bloomberg quoted the Managing Director of GTB's UK unit, Mr. Ade Adebiyi, as saying, "We have fully co-operated with the FCA in its investigation and we have accepted the findings."

Adebiyi, in an e-mailed statement, however said, "The FCA found no evidence that GTB UK did in fact handle any proceeds of crime."