The FCA announced the fine in a statement, reported by Reuters on Tuesday.
It stated that it imposed the fine due to failures in GTBank’s anti-money laundering systems and controls.
Reuters reported that the bank’s internal and external sources highlighted the failures.
The FCA said that GTBank failed to take appropriate measures to fix the system despite warnings.
“These weaknesses were repeatedly highlighted to GTBank by internal and external sources, including the FCA.
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“But despite this, GTBank failed to take appropriate action to fix them,” the FCA stated.
According to the financial watchdog, GTBank has not disputed the findings and agreed to settle.
But the bank said it “has cooperated fully with the FCA investigation and has agreed on a penalty sum of £7,671,800.
“The amount has been calculated by reference to a proportion of the revenues of GTBank UK over the relevant period.
It includes a 30 per cent discount for early settlement,” the bank stated.
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