- Topics
- Regions
- Events
- Webcasts
- Resources
- CW Exclusives
- Membership
“For tracking litigation, enforcement, and regulatory developments, Compliance Week
should be your prime source.”- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
Report: FCA probing Barclays over AML controls
By 
Neil Hodge2023-02-13T19:21:00
Barclays Bank is reportedly being investigated by the U.K.’s financial services regulator for failures regarding its anti-money laundering (AML) procedures and controls.
The Financial Conduct Authority (FCA) issued a notice in spring 2022 for an independent review into the bank’s systems to detect and mitigate financial crime following a “concerning” rise in the volume of relatively minor know your customer (KYC) and AML incidents, according to a report from the Financial Times on Friday. The report cited unnamed sources familiar with the matter.
The investigation is known as a “skilled persons” review, as outlined under Section 166 of the Financial Services and Markets Act 2000. The reviews are usually led by a law firm, consultancy, or accountancy firm and used to gather historical information, evidence, and/or documentation to determine whether remedial measures or enforcement action should be taken.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefBarclays says FCA probe into AML controls closed
Barclays Bank disclosed an investigation by the U.K. Financial Conduct Authority into the bank’s anti-money laundering controls has closed without a penalty.
-
News BriefBarclays recruits chief compliance officer from HSBC
Barclays announced the appointment of Kirsty Everett as chief compliance officer and a member of its group executive committee, effective July 1.
-
News BriefBarclays unit fined $2.5M by FINRA over reporting failures
Barclays Capital was fined $2.5 million as part of a settlement with the Financial Industry Regulatory Authority addressing allegations the investment bank failed to accurately report over-the-counter options positions in more than 4 million instances.
More from Regulatory Enforcement
-
News BriefSEC fines LPL Financial $18M for failed due diligence on new, high-risk accounts
Broker-dealer LPL Financial will pay $18 million to settle charges by the Securities and Exchange Commission that its anti-money laundering program did not properly vet customers and failed to close or restrict thousands of high-risk accounts.
-
News BriefAmex to pay $230M in penalties to resolve charges it deceived customers, banking partner
American Express will pay approximately $230 million in fines and penalties to settle allegations that it deceptively marketed credit card and wire transfer products, and also misrepresented the tax benefits of two payroll wire transfer products.
-
News BriefSEC fines Wells Fargo $35M, Merrill Lynch $25M over improper cash sweeps
Wells Fargo and Merrill Lynch will pay $35 million and $25 million, respectively, to settle allegations by the Securities and Exchange Commission that their handling of investment accounts’ cash sweep programs violated federal law.