简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract：Guaranty Trust Bank (UK) Limited (GT Bank) was fined £7,671,800 by the UK Financial Conduct Authority (FCA) for major flaws in its anti-money laundering (AML) systems and controls between October 2014 and July 2019.
Guaranty Trust Bank (UK) Limited (GT Bank) was fined £7,671,800 by the UK Financial Conduct Authority (FCA) for major flaws in its anti-money laundering (AML) systems and controls between October 2014 and July 2019.
GT Bank failed to conduct appropriate client risk assessments over the relevant period, often failing to analyze or record the money laundering threats presented by its customers.
The bank also failed to properly monitor consumer transactions and commercial interactions.
These flaws were regularly pointed up to GT Bank by internal and external sources, including the FCA, but despite this, GT Bank refused to take the necessary steps to address them.
GT Bank ceased accepting new clients in early 2018. Given the FCA's persistent concerns, GT Bank decided to impose more voluntary business limits later that year. The requirements were in force until the middle of 2021 when they were removed after the bank completed a rehabilitation plan that was reviewed by an independent third party.
GT Bank's behavior is more egregious in light of the fact that this is not the first time the bank has faced enforcement action with respect to its AML procedures, with the FCA fining the bank £525,000 in August 2013 for substantial and systematic breaches.
The FCA requires enterprises to have strong anti-money laundering (AML) measures in place to reduce the danger of people and organizations using financial institutions to bypass limitations meant to prevent them from benefiting from assets gained illegally.
GT Bank did not contest the FCA's findings and decided to settle, therefore it is eligible for a 30% reduction. The pecuniary penalty would have been £10,959,700 without the reduction.
Stay tuned for more regulatory news.
Download and install the WikiFX App from the download link below to stay updated on the latest news, even on the go. You can also download the app from the App Store or Google Play Store.
Download link: https://www.wikifx.com/en/download.html
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
HYCM Capital Markets (UK) Limited reported a £236,304 loss for 2025, as higher administrative costs offset a small rise in revenue and reversed the previous year’s profit.
XELLION, a Saint Lucia-based forex broker, is reportedly facing many complaints from users. Among the complaints, the lack of smooth fund withdrawals remains the most disturbing one. This issue was not only highlighted by real users but also the Introducing Broker (IB) who expressed shock over this issue on broker review platforms. In this XELLION review article, we have examined these allegations against the brokerage entity.
If you're looking for information about AssetsFX deposit and AssetsFX withdrawal processes, you're taking a smart step when choosing a broker. However, when it comes to AssetsFX, we need to discuss some serious concerns right away. While its website shows many modern payment options that look good, many user reports tell a very different and worrying story, especially about people not being able to get their funds back. Keep reading!
When traders look at a new broker, the most important question is always about safety. This is especially true for AssetsFX, a broker whose online presence raises a serious question: Is AssetsFX safe or a scam? The answer isn't immediately obvious, as the broker has a very divided reputation. When you search for user feedback, you find two completely different stories. On the one hand, there are many positive reviews. On the other side, there are very serious claims of financial wrongdoing. This article won't waste your time. Our goal is to look through all the information, from regulatory status to real user AssetsFX complaints, to help you understand the major risks and make a smart decision about your investments.
WikiFXWikiFXWikiFXWikiFXWikiFXWikiFXWikiFXWikiFXWikiFXWikiFX
