Barclays fined £42m for poor money laundering checks
Barclays Bank was fined by the British financial observer due to failure in the risk management of money laundering risk management.
The Financial Behavior Authority (FCA) said that Barclays did not properly control Stunt & Co and Wealthtek.
FCA said that Barclays served Stunt & Co, facilitating the movement of funds related to financial crime ve and there was a risk of abuse of money or money laundering because wealthtek could not control Wealthtek.
Barclays said that he had fully cooperated with both investigations and further strengthened his financial crime and other control capabilities.
Most of the fine, £ 39.3 million, Stunt & Co. was about.
FCA, Barclays’s Stunt & Co.
“In more than a year, Stunt & Co has received £ 46.8 million from Fowler Oldfield, a multimillion -pound money laundering operation.” He said.
Barclays added that FCA was exposed to Fowler Oldfield after learning the decision to prosecute Natwest about his relationship with Fowler Oldfield.
The rest of the fine was for Wealthtek. FCA said that Barclays can do a “simple control” on the company, to look at the record of financial services.
“If he had done this, he would have seen that he was not allowed to keep customer money by FCA.” He said.
In December 2024, FCA said that he accused John Dance, one of the main partners of Wealth, of many criminal offenses, including money laundering and fraud.
The hearing is scheduled for Southwark Crown Court in September 2027.
Therese Chambers of the FCA’s Executive Department, Barclays’ Investigation of Wealthhek’in “comprehensive cooperation” through a significant decrease in fines and further details, although the affected customers made a voluntary payment, he said.
Barclays, “financial crime and fraud against the fight against the deep”, “he said.
“FCA’s investigation into STUNT & CO focused on the historical black money laundering activity and has made no evidence that the bank has violated money laundering arrangements.” He said.
“As FCA accepted, Barclays made a comprehensive examination and reported his findings to FCA,” he added.
FCA has fined Barclays for failures in financial crime controls twice before.
In 2022, FCA was sentenced to £ 783,800 in the Bank’s relationship with the Premier FX, a collapsed payment firm, which FCA said that it offers “high financial crimes and fraud risks”.
In 2015, Barclays was fined £ 72 million, some of which could not minimize financial crime risks regarding Ultra -rich customers with high political profiles.
