FCA fines Guaranty Trust Bank (UK) Ltd £525,000 for failures in its anti-money laundering controls, Office for Professional Body Anti-Money Laundering Supervision (OPBAS), Raising procedural issues with our Procedural Officer, Complain about us, the PRA or the Bank of England (the regulators), Contact us by web chat, email, phone or post, FCA Innovation – fintech, regtech and innovative businesses, Banks, building societies and credit unions, Electronic money and payment institutions, General insurers and insurance intermediaries, Directory of certified and assessed persons, Coronavirus (Covid-19): Information for firms, eCommerce Directive – changes at the end of the transition period, Securities Financing Transactions Regulation (SFTR), How to report suspected market abuse as a firm or trading venue, How to report suspected market abuse as an individual, Exemptions from short-selling requirements, Notification and disclosure of net short positions, Short selling restrictions and prohibitions, Requesting sample transaction reporting data, How to claim compensation if a firm fails, Report information about a payment services or e-money firm, The Final Notice for Guaranty Trust Bank (UK) Ltd, Modern Slavery and Human Trafficking Statement, Assess or document potential money-laundering risks posed by higher risk customers, Screen prospective customers against sanction lists or databases of PEPs, Obtain and/or document senior management approval to establish a business relationship with PEPs, Establish the purpose and intended nature of prospective customers’ accounts or the sources of higher risk customers’ wealth or funds. The FSCS compensation limit applies to all deposits you have with an authorised institution, which may include several banking and building society brands. If your bank or building society is not included, you should ask where it is authorised and how your money is protected. Tracey McDermott, director of enforcement and financial crime, said: "Banks are at the front line in ensuring the proceeds of crime do not enter the UK financial system.

The Financial Services Compensation Scheme (FSCS) can pay compensation if a bank, building society or credit union is unable to pay claims against it.. How to ensure your money is protected if a bank, building society or credit union fails. The review of GT Bank raised significant concerns and after further investigation, the FCA found that GT Bank failed to establish effective AML policies and procedures when they established their UK operations. As such, GT Bank should to have been aware of the importance of systems and controls to prevent and detect all types of financial crime, including money-laundering. GT Bank provided financial services to a significant number of higher risk customers, acting as a gateway to the UK financial system. The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. Read our pages on EU and international directives. Contact us by web chat, email, phone or post: See the latest news stories, speeches, statements, press releases and warnings. The FCA has an overarching strategic objective of ensuring the relevant markets function well. Office for Professional Body Anti-Money Laundering Supervision (OPBAS), Raising procedural issues with our Procedural Officer, Complain about us, the PRA or the Bank of England (the regulators), Contact us by web chat, email, phone or post, FCA Innovation – fintech, regtech and innovative businesses, Banks, building societies and credit unions, Electronic money and payment institutions, General insurers and insurance intermediaries, Directory of certified and assessed persons, Coronavirus (Covid-19): Information for firms, eCommerce Directive – changes at the end of the transition period, Securities Financing Transactions Regulation (SFTR), How to report suspected market abuse as a firm or trading venue, How to report suspected market abuse as an individual, Exemptions from short-selling requirements, Notification and disclosure of net short positions, Short selling restrictions and prohibitions, Requesting sample transaction reporting data, How to claim compensation if a firm fails, Report information about a payment services or e-money firm, Financial Services Compensation Scheme (FSCS), banking and savings brands and building society brands, Account information and payment initiation services, Banking, savings and building society brands, Modern Slavery and Human Trafficking Statement, up to £85,000 per eligible person, per bank, building society or credit union, the main banking and building society brands, which authorised institution owns them or holds them as a subsidiary, their firm reference number (FRN), which shows how they are authorised, other brands that share the same authorisation and FRN, and therefore FSCS cover.