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 wholesale of fine was in relation to £ 39.3m, stunt & company.
The FCA said that the Barclays failed to “proper monitoring” of their account with Stunt & Co..
The regulator said, “In space for more than a year, Stunt & Company received £ 46.8 million from Fouler Oldfield, a multimilian-pound money laundering operation,” said the regulator, “the regulator said,”
It stated that Barclays reviewed only Founder Oldfield to come into contact with Founder Oldfield, as it after knowing the FCA’s decision to prosecute his relations with Natwest with Natwest after knowing about the FCA’s decision.
The rest of the fine was for Wealthtech. The FCA “One Simple Check” could be done on the Barclays firm, to look at the 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.”
The FCA stated that in December 2024, it had accused John dance, one of the leading partners of Wealthtech, with several criminal offenses, including money laundering and fraud.
Their test is scheduled in the Southwark Crown Court for September 2027.
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.
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”, “.
