FCA fines Guaranty Trust Bank (UK) Limited £7.6 million for further failures in its anti-money laundering systems and controls

The Financial Conduct Authority has fined Guaranty Trust Bank (UK) Limited £7.6m for serious weaknesses in its anti-money laundering (AML) systems and controls between 2014 and 2019.

This final notice is a the best example to date of why our gap analysis tools are so helpful. This isn’t the easiest report to read as there is significant story telling of the various communications, reviews, activities and commitments over an extended period of time. Distilling the actual issues isn’t straight forward. But we’ve focused the 50 page final notice down to just 19 points for you to consider.

This one is particularly important if you are in the midst of, planning to, or have recently completed any form of KYC remediation exercise.

Also of note is the fact that the Bank had been previously fined in 2013 for similar failings - this was an aggravating factor and resulted in a substantial increase to the financial penalty.

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