Barclays fined £ 42M for poor money laundering check

Barclays Bank has been fined £ 42M for failures in its money laundering risk management by UK Financial Watchdog.

The Financial Conduct Authority (FCA) said that Barclays did not make two of its customers, stunts & company and wealthtech properly.

The FCA said that Barclays provided services to Stunt and Company and provided the facility of “movement of funds associated with financial crime” and said that there was a “increased risk” of client money misuse or money laundering due to failure to investigate Wel Wealthtech.

Barclays stated that it cooperates completely with both investigations and “has further strengthened its financial offenses and other control capabilities”.

The regulator said that the “One Simple Check” was to see the Barclays Financial Services Register.

The FCA said, “It would have been seen that the FCA was not allowed to keep the client money by the FCA.”

It was said that it failed to “proper monitoring” its account with Stunt & Co..

The regulator said, “In space for more than a year, Stunt & Company received £ 46.8 million from Founder Oldfield, a multimilian-pound money laundering operation.”

Theres Chambers from the Enforcement Division of the FCA said that the investigation of the Barklege led to a significant reduction in its fine through its “comprehensive support” and made a voluntary payment to the affected customers, although further details were not given.

The wholesale of fine was in relation to £ 39.3m, stunt & company.

Barclays said that it is “deeply committed to the fight against financial crime and fraud.”

A statement said, “The FCA investigation related to Stunt & Co. was concentrated around the historic money laundering activity and no conclusion that the bank had violated the money laundering rules.”

“As is accepted by FCA, Barclays made a comprehensive review and the self-report of its conclusions for FCA”, “.