The Financial Conduct Authority (FCA) has fined Guaranty Trust Bank (UK) Ltd (GT Bank) £525,000 for failings in its anti-money laundering (AML) controls for high risk customers between May 2008 and June 2010. These included failures to assess potential risks, screen customers, obtain/document senior management approval to establish business relationships with PEP, establish the purpose and intended nature of prospective customers’ accounts or their source of funds, and review account activity and information. The consequent inability to fully understand or assess higher risk customers’ activities constituted a breach of FCA Principle 3.