Sunday, August 11, 2013

Read full storyGTbank received another slap on its wrists for lax money-laundering controls.The United Kingdom-based Financial Conduct Authority has fined the UK subsidiary of the Guaranty Trust Bank over £500,000 for failing to do thorough anti-money laundering checks on its potential clients from high-risk countries.The FCA 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.