Monday April 6, 2020

Barclays hit with £72 million fine

"This is wholly unacceptable.”

29th November, 2015
2
Barclays has been fined by the British financial watchdog

Barclays has been fined just over £72 million by Britain’s financial watchdog for failing to conduct proper checks on wealthy clients. The fine relates to a £1.88 billion transaction that the bank arranged for a number of ultra high net worth clients, the Financial Conduct Authority said.

“Barclays ignored its own process designed to safeguard against the risk of financial crime and overlooked obvious red flags to win new business and generate significant...

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