The United Kingdom-based Financial Conduct Authority has fined the UK subsidiary of the Guaranty Trust Bank over £500,000 for failing to complete 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 financial institution had failed to assess potential money-laundering risks, screen customers against sanction lists, establish the objective of the accounts being opened inside their London branch or review the experience of “high risk” accounts, Reuters'report said.
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