The Bank has agreed a penalty sum of £7.67 million, which has been calculated by reference to a proportion of the revenues of GTBank UK over the relevant period and includes a 30% discount for early settlement.
The FCA’s investigation focused on GTBank UK’s AML controls and steps taken by GTBank UK to remediate these to ensure they operated in line with the relevant requirements. The findings are final, and no further action is anticipated in respect of this matter. The FCA acknowledged in its findings that GTBank UK has spent considerable time and resource in order to bring its AML standards up to the required level.
