The U.S. Treasury Department on Monday fined Barclays Bank Plc nearly $2.5 million for more than 150 violations of financial sanctions against a state-owned industrial developer in Zimbabwe. Between July 2008 and September 2013, the London-based bank processed $3.4 million in banned transactions through U.S. financial institutions on behalf of its Zimbabwe-based affiliate, the department's Office of Foreign Assets Control (OFAC) said. The transactions, some of which were processed by Barclays' New York branch, were linked to the Industrial Development Corporation of Zimbabwe (IDCZ). The violations stemmed from Barclays' attempts to circumvent restrictions within Zimbabwe that prevented the bank from...
Barclays will pay British regulators more than £72 million for poorly scrutinizing transactions made on behalf of high-value clients in a case that could lead to penalties for the bankers involved.
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