The UK’s Financial Conduct Authority (FCA) has fined Guaranty Trust Bank UK (GT Bank) £7.7 million (US$9.4 million) for serious weaknesses in its anti-money laundering (AML) systems and controls between October 2014 and July 2019.

The bank provides export, import, standby and back-to-back letters of credit (L/Cs) in keeping with its specialism of providing a range of trade finance and correspondent banking for clients in Africa.

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