- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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.
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