🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

UK watchdog probes Barclays over anti-money laundering systems -FT

Published 02/10/2023, 12:22 AM
Updated 02/10/2023, 04:56 AM
© Reuters. FILE PHOTO: The Barclays logo is seen at their offices at Canary Wharf financial district in London,Britain, March 3, 2016.  REUTERS/Reinhard Krause/File Photo
BARC
-

LONDON (Reuters) -Britain's financial regulator is investigating Barclays (LON:BARC) PLC for suspected failings in its compliance and anti-money laundering systems, the Financial Times reported on Friday.

The Financial Conduct Authority (FCA) requested an independent review of Barclays' systems last year after noting the number of anti-money laundering incidents, the newspaper reported, citing people familiar with the matter.

The FCA and Barclays declined to comment.

The FCA wrote to the heads of Barclays' corporate banking and UK retail and wealth divisions requesting a "skilled persons review", or Section 166, the newspaper said.

Section 166 usually involves hiring an independent firm that produces reports, potentially with recommendations for improvement.

Britain's authorities have in recent years tried to crack down on financial controls at the country's top banks, amid widespread criticism that London has become one of the world's biggest hubs for the movement of illicit funds.

Barclays rival NatWest was fined 265 million pounds ($321 million) in December 2021 for failing to prevent the laundering of nearly 400 million pounds, in the first criminal money laundering case by regulators against a British bank.

Barclays reports annual results on Feb. 15, with investors likely to zero in on the performance of its investment bank amid a reshuffle of senior executives in recent weeks.

© Reuters. FILE PHOTO: A branch of Barclays Bank is seen, in London, Britain, February 23, 2022.  REUTERS/Peter Nicholls

The bank will also provide further details on any legal and regulatory cases it is involved in.

($1 = 0.8269 pounds)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.