Barclays to pay £72m fine

​Barclays has been fined £72​m by the Financial Conduct Authority for “poor handling of financial crime risks” relating to a £1.88​bn transaction for a number of ultra-high-net-worth clients.
Barclays has been fined £72 million by the Financial Conduct Authority for "poor handling of financial crime risks" relating to a £1.88 billion transaction for a number of "ultra-high-net-worth clients".Barclays has been fined £72 million by the Financial Conduct Authority for "poor handling of financial crime risks" relating to a £1.88 billion transaction for a number of "ultra-high-net-worth clients".
Barclays has been fined £72 million by the Financial Conduct Authority for "poor handling of financial crime risks" relating to a £1.88 billion transaction for a number of "ultra-high-net-worth clients".

​​The watchdog said it has fined Barclays for failing to minimise the risk that it might be used to aid financial crime.

The Financial Conduct Authority said the failings relate to a transaction that Barclays arranged and executed in 2011 and 2012.

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“The clients involved were politically exposed persons and should therefore have been subject to enhanced levels of due diligence and monitoring by Barclays,” the FCA said in a statement.

“Barclays did not follow its standard procedures, preferring instead to take on the clients as quickly as possible and thereby generated ​£​52.3​m in revenue.

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