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. On Thursday, the U.K. Financial Conduct Authority (FCA) said it had levied the regulatory fine-the largest-ever of its kind-after discovering that Barclays employees had intentionally executed investment transactions for "a number of ultrahigh-net-worth politically exposed persons" (PEPs) without proper due-diligence checks. The scrutiny given a £1.9 billion deal fell below standards applied to low-risk clients, the agency said. Barclays sought to further assure the clients, whose transactions were never linked...
London-based Barclays Bank will close accounts for some 250 money services businesses by July 10, Ireland has transposed the Third EU Money Laundering Directive and addressed most of the deficiencies noted by FATF, and more, in this week's roundup.
The United Kingdom's chief financial regulator Tuesday fined Barclays PLC more than $4 million for "serious weaknesses" in its securities transaction monitoring reporting, the largest penalty issued by the agency for such problems.
The Qatari government has failed to comply with nearly a third of the international anti-money laundering and counter-terrorism financing regulatory controls recommended by an intergovernmental watchdog.