The Financial Conduct Authority, has fined the British subsidiary of Nigeria’s Guaranty Trust Bank 7.6 million pounds ($9.3 million).

The United Kingdom- based financial watchdog on Tuesday said the fine was imposed due to the failures in GTBank’s anti-money laundering systems and controls.

Citing the statement, Reuters reported that the failures were highlighted by the bank’s internal and external sources.

The FCA further noted that GT Bank had failed to take appropriate measures to fix the system despite warnings.

“These weaknesses were repeatedly highlighted to GT Bank by internal and external sources, including the FCA, but despite this, GT Bank failed to take appropriate action to fix them,” the Financial Conduct Authority said.

According to the FCA, the Guaranty Trust Bank has not disputed the findings and agreed to settle.