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Barclays is now the subject of a record penalty.

Posted on: 11/27/2015 8:22:38 AM under General News

Barclays has been charged with £72m fine for failing to appropriately perform anti-money laundering and financial crime checks on a transaction in 2012 on behalf of very wealthy clients.

Even though, no evidence of any crime was found, the Financial Conduct Authority reported that the bank did not perform the appropriate checks to determine the purpose of the £1.88bn transaction, or to confirm the source of the funds from the clients.

The Financial Conduct Authority said that the bank did not want to cause any inconvenience to the wealthy clients and went to "unacceptable lengths" to arrange the transaction.

Barclays applied a lower level of risk assessment than required for other high risk businesses.

It is known, that Barclays agreed to keep details of the transaction confidential, and agreed to compensate the clients up to £37.7m in the event that it failed to comply with these confidentiality restrictions.

This is the largest fine ever imposed by the FCA for failure to comply with anti-money laundering practices.

Source: The Telegraph

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