Wed, 16 Jul 2025

Wed, 16 Jul 2025 Barclays fined millions over financial crime risk lapses

The UK's financial watchdog says the bank had failed to properly check two of its clients.

* Barclays Bank fined £42m by UK's financial watchdog (FCA) for failures in money laundering risk management
* FCA said Barclays did not properly vet two clients, Stunt & Co and WealthTek, which facilitated movement of funds linked to financial crime
* Fine of £39.3m was related to Stunt & Co, where Barclays failed to carry out proper ongoing monitoring
* £2.7m fine was for WealthTek, where Barclays could have checked the Financial Services Register to see that it was not permitted to hold client money
* John Dance, one of WealthTek's partners, has been charged with multiple criminal offences including money laundering and fraud
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