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| Barclays fined £42m for poor money laundering checks | Barclays fined £42m for poor money laundering checks |
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| Barclays Bank has been fined £42m by the UK's financial watchdog for failures in its money laundering risk management. | Barclays Bank has been fined £42m by the UK's financial watchdog for failures in its money laundering risk management. |
| The Financial Conduct Authority (FCA) said Barclays had not properly vetted two of its clients, Stunt & Co and WealthTek. | The Financial Conduct Authority (FCA) said Barclays had not properly vetted two of its clients, Stunt & Co and WealthTek. |
| The FCA said Barclays "facilitated the movement of funds linked to financial crime" by providing services to Stunt & Co and said there was "an increased risk" of client money misappropriation or money laundering from its failure to check WealthTek. | The FCA said Barclays "facilitated the movement of funds linked to financial crime" by providing services to Stunt & Co and said there was "an increased risk" of client money misappropriation or money laundering from its failure to check WealthTek. |
| Barclays said it fully co-operated with both investigations and has "further strengthened its financial crime and other control capabilities". | |
| The regulator said "one simple check" Barclays could have done on WealthTek was to look at the Financial Services Register. | |
| "Had it done so, it would have seen that WealthTek was not permitted by the FCA to hold client money," the FCA said. | |
| It went on to say that it failed to carry out "proper ongoing monitoring" of its account with Stunt & Co. | |
| "In the space of just over a year, Stunt & Co received £46.8 million from Fowler Oldfield, a multimillion-pound money laundering operation," the regulator said. | |
| Barclays said it "remains deeply committed to the fight against financial crime and fraud." | |
| "The FCA's investigation relating to Stunt & Co was centred around historical money laundering activity and made no findings that the bank had breached money laundering regulations," it said in a statement. | |
| "As acknowledged by the FCA, Barclays undertook an extensive review and self-reported its findings to the FCA", it added. |