UK:
UK Regulator Fines Barclays Bank For Financial Crime Failings
10 December 2015
Shearman & Sterling LLP
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On November 25, 2015, the Financial Conduct Authority fined
Barclays Bank plc £72,069,400 for failing to minimize
financial crime risks appropriately. The failings of the bank
relate to a transaction worth around £1.88 billion that was
arranged and executed for ultra-high net worth clients that were
politically exposed and should therefore have been subject to
enhanced due diligence checks. The FCA found that a lower level of
due diligence was undertaken by Barclays for those clients and that
Barclays had not followed its own standard procedures, going to
unacceptable lengths to accommodate the clients in question. Whilst
the FCA did not specifically find that the transaction itself
involved financial crime, this is the largest fine to be imposed by
the FCA (and its predecessor, the Financial Services Authority) for
failing to minimize financial crime risks.
The FCA notice is available at: http://www.fca.org.uk/static/documents/final-notices/barclays-bank-nov-2015.pdf.
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