The UK-based financial watchdog, the Financial Conduct Authority, has fined the British subsidiary of Nigeria’s Guaranty Trust Bank 7.6 million pounds ($9.3 million).

According to a statement from the agency on Tuesday, the FCA said the fine was imposed due to failures in GTBank’s anti-money laundering systems and controls.

Citing the statement, Reuters reported that the flaws were highlighted by sources inside and outside the bank.

The FCA further noted that GT Bank had not taken adequate steps to fix the system despite warnings.

“These weaknesses were repeatedly highlighted to GT Bank by internal and external sources, including the FCA, but despite this, GT Bank failed to take appropriate steps to remedy them,” the Financial Conduct Authority said.

According to the FCA, the Guaranty Trust Bank has not disputed the findings and has agreed to settle.

PUNCH reached out to GT Bank for feedback on the development by mail.

At the time of reporting, GT Bank has not responded to our correspondent’s inquiries.

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