Barclays fined £42m for poor money laundering checks

Barclays Financial institution has been fined £42m by the UK’s monetary watchdog for failures in its cash laundering danger administration.The Monetary Conduct Authority (FCA) mentioned Barclays had not correctly vetted two of its shoppers, Stunt & Co and WealthTek.The FCA mentioned Barclays “facilitated the motion of funds linked to monetary crime” by offering providers to Stunt & Co and mentioned there was “an elevated danger” of consumer cash misappropriation or cash laundering from its failure to verify WealthTek.Barclays has been approached for remark.The regulator mentioned “one easy verify” Barclays may have achieved on WealthTek was to have a look at the Monetary Providers Register. “Had it achieved so, it will have seen that WealthTek was not permitted by the FCA to carry consumer cash,” the FCA mentioned.It went on to say that it failed to hold out “correct ongoing monitoring” of its account with Stunt & Co.”Within the area of simply over a yr, Stunt & Co acquired £46.8 million from Fowler Oldfield, a multimillion-pound cash laundering operation,” the regulator mentioned.