21 February 2023

The Financial Conduct Authority Is Investigating Suspected Money Laundering Failings At Barclays

Rahman Ravelli Solicitors


Rahman Ravelli is known for its sophisticated, bespoke and robust representation of corporates, senior business executives and professionals in national and international matters.
It is one of the fastest-growing and most highly-regarded, market-leading legal practices in its field. This is due to its achievements in criminal and regulatory investigations and large-scale commercial disputes involving corporate wrongdoing and multi-jurisdictional enforcement, and its asset recovery, internal investigations and compliance expertise.
The firm’s global reach, experienced litigators and network of trusted partner firms ensure it can address legal matters for clients anywhere in the world. It combines astute business intelligence and shrewd legal expertise with proactive, creative strategies to secure the best possible outcome for all its clients.
Rahman Ravelli’s achievements in certain cases have even helped shape the law. It is regularly engaged by other law firms to provide independent advice.

Barclays Bank is being investigated by the Financial Conduct Authority (FCA) for suspected failings in its compliance and anti-money laundering (AML) systems.
UK Criminal Law
To print this article, all you need is to be registered or login on

Nicola Sharp of financial crime specialists Rahman Ravelli summarises the situation.

Barclays Bank is being investigated by the Financial Conduct Authority (FCA) for suspected failings in its compliance and anti-money laundering (AML) systems.

The UK regulator requested an independent review of Barclays' internal systems under Section 166 of the Financial Services and Market Act 2000. This involves asking an independent firm of experts to review and report on Barclays' systems and provide recommendations to improve practices in line with AML regulations.

The Financial Times reported that there had been a number of incidents where the bank had failed to conduct thorough know your customer (KYC) and AML checks. Although the incidents are said to be minor, the FCA is concerned about the collective number of failings by the bank. These checks are not only a legal requirement but are also fundamental to tackling financial crime and the movement of illicit funds.

While the current FCA review is being conducted by its supervisory arm, any failure by Barclays to show improvements in its AML and compliance systems could lead to the FCA taking enforcement action.

The FCA is trying to do all it can crack down on regulatory failings in the UK. Under the Money Laundering Regulations, institutions must have systems in place to stop suspected money laundering. In December 2021, NatWest was fined £265 million after it pleaded guilty to three counts of failing to properly monitor £365 million deposited into the account of a Bradford jeweller, Fowler Oldfield.

The FCA had alleged that NatWest committed offences under the Money Laundering Regulations 2007 by failing to adequately monitor customer accounts between the period of 2011 to 2016.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

See More Popular Content From

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More