Barclays Fined For Poor Handling Of Financial Crime Risks

(RTTNews) - The FCA has fined Barclays Bank UK PLC and Barclays Bank PLC a total of 42 million pounds for separate instances of failings in its financial crime risk management - one relating to WealthTek and one relating to Stunt & Co.

Barclays Bank UK failed to check it had gathered sufficient information to understand the money laundering risk, before opening a client money account for WealthTek. Barclays has agreed to make a voluntary payment of 6.3 million pounds to WealthTek's clients.

The FCA has fined Barclays Bank PLC 39.3 million pounds for failing to adequately manage money laundering risks associated with providing banking services to Stunt & Co.