News of the fine imposed on GTBank London operations by British financial regulator turned into ‘beer parlour’ celebration for those determined to put clog in the wheel of the bank’s progress by every means.
The Financial Conduct Authority (FCA) disclosed that between May 2008 and July 2010, GTBank UK 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.
Latest findings show that the sanction by FCA was result of l
apses,which took place durning the early operations of the bank in the UK.The managing director of GTBank UK,Ade Adebiyi said in a statement that they co-operated fully with the investigators and accepted the findings in good faith.
A source who spoke to us confirmed that the fine is not based on recent transactions. “I wonder why they are blowing the fine issue out of proportion?” a stock broker asked rhetorically.
Adding that “some detractors want GTbank down because of it overwhelming progress in the industry.It is obvious that they are the market leader and the most sought after financial institution based on it up to date innovations”
GTBank remain one of the biggest bank in Africa.GTbank’s internet banking system is regarded as the best in Nigeria, making it website the most visited bank website in the country.