Photo caption: Barclays bank
Barclays Bank UK PLC and Barclays Bank PLC have been hit with a combined £42 million fine by the United Kingdom’s Financial Conduct Authority for serious lapses in anti-money laundering controls related to their dealings with WealthTek and Stunt & Co.
The FCA said Barclays Bank UK PLC failed to collect adequate information to assess money laundering risks before opening a client money account for WealthTek.
Crucially, the bank did not check the Financial Services Register, which would have revealed that WealthTek lacked authorisation to hold client funds.
This oversight led to £34 million being deposited into the account, heightening the risk of misappropriation.
