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CBN Fines GTBank N128M for Failing to Meet AML and CTF Requirements

Richard M. APRIL 18, 2023 1 minute read

The Central Bank of Nigeria (CBN) has charged Guaranty Trust Bank (GTBank) with N128 million for not adhering to regulatory requirements.

As per Ripples Nigeria, GTBank has been fined for failing to comply with Anti Money Laundering (AML) and Countering Terrorist Financing (CTF) regulations. The bank was penalised for multiple violations relating to Consumer Protection Review, CBN Prospective Employee Clearance Review, CBN Review, and failure in the Risk Asset Examination.

GTC is a multinational financial company that provides individuals, businesses, and public and private firms with a range of competitive financial services and products across Africa and the UK.

Online news platform Ripples Nigeria reviewed the Bank’s financial record for 2022 and found that GTBank was charged N20 million for failing to pass the 2021 Risk Asset Examination. Moreover, the bank’s CEO, Miriam Olusanya, was fined N21 million for failing the AML and CTF examinations in 2021.

The lender lost N10 million over a violation relating to CBN Prospective Employee Clearance Review 2021. Not only this, but the GTBank has also lost N10 million to infarctions relating to the 2022 Consumer Protection Review and N67 million for CBN Review infractions.

Meanwhile, GTBank suffered a 3% decrease in its net profit last year. The bank’s revenue after taxes dropped by N6 billion to N169 billion compared to the N175 billion reported by the end of 2021. Although GTBank generated more significant overall revenue in 2022 (N539 billion) than it did the previous year (N448 billion), the lender’s button line continued to decline.

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