Barclays: A Modern Enforcement Action for Modern Misconduct
Image: Last week the U.K. Financial Conduct Authority whacked Barclays with a fine of £72 million ($109 million) for sloppy oversight of a huge private-client deal brimming with financial crime risk. The more you read the details of the transaction and how poorly bank executives managed it, the more you ...
Related articles
-
ArticleU.K. updates pension and asset manager rules, but internal auditors flag governance gaps
Will “taking an axe to” red tape and onerous reporting commitments free up trillions invested in U.K. pensions and increase the value of assets managed by regulated financial services firms?
-
News BriefFCA fines Monzo digital bank $28 million for AML, KYC failures
Britain’s Financial Conduct Authority has fined the online bank Monzo the equivalent of more than $28 million for failing to properly collect customer information and protect against financial crimes. The move is the latest in a series of efforts by British authorities to combat chronic money laundering and other crimes ...
-
ArticleFCA drops ‘naming and shaming’ approach – except in ‘exceptional circumstances’
The UK’s financial regulator has had a rough ride over the past couple of years as its strategy to “name and shame” firms it opened investigations into was widely slammed by the industry and lawmakers over concerns that companies could be unfairly maligned.