“UK is not Nigeria where they violate rules with impunity. The GTBank is also sanctioned for violating the strict know your customer rule in UK”
GTBank UK Ltd, a subsidiary of GTCO was fined over £10m for not adhering to the very strick know your customer, anti-money laundering rules.
Platforms Africa reports that the total fine was £10m but FCA have them a 30% discount if they pay within 30 days.
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A source at the UK bank told Platforms Africa that the MD/CEO, Mr. Gbenga Alade to have said that the fine was for accounts opened & transactions that happened circa 2005 – 2010 before he got there.
GTCO Abeokuta
“Thankfully they have the profit reserves to make the payment. They have also recruited UK banking professionals & reviewed their SOP to ensure such does not reoccur,” he added.
GTBank UK Ltd is 100% owned by GTCO.
“GTCO shareholders can hold Segun Agbaje & his management team to account at the AGM coming up soon. I know Segun will be ready to shed more light on the fine,” the source said.
