- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-10-21T16:24:00
The U.K. Financial Conduct Authority (FCA) provisionally notified Barclays it intends to fine the bank 50 million pounds (U.S. $56 million) for failing to properly disclose financial arrangements made with Qatari investors in 2008.
The FCA said Friday in a press release the fine is provisional because it hinges on a decision by the Upper Tribunal, which will rule on whether the regulator’s proposed penalty should be upheld.
The FCA said Barclays raised capital funds in June and October 2008, during the worldwide financial crisis, in a manner that was “reckless and lacked integrity.” Barclays entered into two advisory agreements with Qatari entities that involved payments of £322 million (U.S. $363 million) over three and five years, respectively, part of a plan to raise up to £11.8 billion (U.S. $13.3 million) in funds, according to the regulator’s decision notice.
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Barclays Bank is reportedly being investigated by the U.K. Financial Conduct Authority for failures regarding its anti-money laundering procedures and controls.
Barclays PLC and Barclays Bank agreed to pay $361 million to resolve allegations from the SEC the bank failed to implement internal controls to track the sale of $17.7 billion worth of unregistered securities transactions.
The Serious Fraud Office suffered another major setback in the U.K.’s first trial against bank executives for misconduct during the 2008 financial crisis, after three former executives of Barclays were acquitted of fraud charges.
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
