Barclays fine of 42 million pounds to fail money laundering checks

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The UK’s financial organizer fined Barclays 42 million pounds for his failure to properly manage the risk of money laundering on two occasions.

The Financial Conduct Authority said on Wednesday Barclays He was fined due close For “serious organizational and operational issues”.

“One of the simple checks that you could have would have been looking at the financial services record before opening the account. If he had done, he would have seen that Wealthte did not allow him to keep the customer’s money,” FCA said.

The organizer said that Barclays agreed to make a batch of 6.3 million pounds for Wealthtek customers, who were unable to restore all the money they lost.

In the second case, FCA said that Barclays provided banking services for Stun & Co, which continued to obtain 46.8 million pounds from Fowler Oldfield, “a money laundering process with millions of pounds.”

FCA said: “Barclays failed to properly look at the risk of money laundering associated with the company even after receiving information from applying the law about the suspected money laundering through Fowler Oldfield, and after learning that the police raided both companies,” FCA said.

FCA said that Barclays “continues to engage and invest in an important treatment program” to improve the control framework control.

This is a developing story