The UK’s Financial Conduct Authority (FCA) has fined Guaranty Trust Bank UK (GT Bank) £7.7 million (US$9.4 million) for serious weaknesses in its anti-money laundering (AML) systems and controls between October 2014 and July 2019. The bank provides export, import,… Read More ›

FCA
Santander fined £108 million by UK regulator for repeated AML failures
The UK’s Financial Conduct Authority (FCA) has fined Santander UK nearly £108 million (US$133 million) for repeated anti-money laundering (AML) failures. The regulator of financial services firms and financial markets in the UK says it found “serious and persistent gaps”… Read More ›
Ghana International Bank fined £5.8 million for AML/CFT failings in correspondent banking activities
Ghana International Bank (GIB) has been fined £5.8 million (US$6.9 million) by the UK’s Financial Conduct Authority (FCA) for poor anti-money laundering and counter financing of terrorism (AML/CFT) financing controls over its correspondent banking activities. London based GIB did not… Read More ›
NatWest fined £264.8 million for AML failings
National Westminster Bank (NatWest) has been fined £264.8 million (US$349.4 million) following convictions for three offences of failing to comply with money laundering regulations. The bank pleaded guilty to the charges earlier this year in the first ever case in… Read More ›
HSBC fined nearly US$64 million for failings in AML systems
The UK’s Financial Conduct Authority (FCA) has fined HSBC Bank £63.9 million (US$84.4 million) for failings in its anti-money laundering (AML) processes. Despite the bank’s use of automated processes to monitor hundreds of millions of transactions a month to identify… Read More ›
Wholesale banking, retail banking and wealth management sectors pose greatest money laundering risk
The wholesale banking, retail banking and wealth management sectors in the UK remain vulnerable to financial crime and pose the greatest money laundering risk based on sector risk assessments by the country’s Financial Conduct Authority (FCA). According to the UK… Read More ›
NatWest profits dented by expected fine for AML breaches
NatWest Bank has booked a £294 million (US$402 million) litigation charge in its quarterly results released 29 October to pay for anti-money laundering (AML) failures that led to censure from the UK’s Financial Conduct Authority (FCA). A huge fine is… Read More ›
UK regulator says some of its biggest sanctions related to financial crime and AML failure
Two of the UK’s Financial Conduct Authority’s (FCA’s) biggest sanctions in the last 12 months related to failures to address financial crime and anti-money laundering (AML) risks according to the authority’s executive director of enforcement and market oversight, Mark Steward…. Read More ›