Regulation

Barclays fined £42m by the FCA for financial crime risk failures

The UK lender was handed the fine for its dealings with two clients

Barclays was fined £42m for lapses in financial crime risks
Barclays was fined £42m for lapses in financial crime risks Photo: Chris Ratcliffe/Getty Images

The UK financial regulator has fined Barclays £42m for failures in its handling of financial crime risks related to two customers.

Most of the fine — £39.3m — relates to Barclays’ handling of its relationship with Stunt & Co, with the Financial Conduct Authority saying the UK lender failed to “gather enough information at the start of the relationship or carry out proper ongoing monitoring”.

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