UK fines Barclays for lax oversight on financial crime

LONDON (AP) — British authorities have fined Barclays 72 million pounds ($108 million) for failing to safeguard against the risk that the bank would be used to facilitate financial crime.

The Financial Conduct Authority said Thursday that the fine stemmed from a transaction of 1.8 billion pounds for ultra-high-net-worth individuals in 2011 and 2012. The FCA says the people involved should have been subject to a higher level of due diligence because they were prominent people in public life.

The FCA did not find that the transaction itself involved a crime, but that Barclays failed to exercise due diligence in carrying it out.

Mark Steward, director of enforcement and market oversight at the FCA, says Barclays “overlooked obvious red flags to win new business and generate significant revenue. This is wholly unacceptable.”

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

WTNH NEWS8 provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. Please be respectful of the opinions of others. If you see an inappropriate comment, please flag it for our moderators to review. Also, you can now block any inappropriate user by simple selecting the drop down menu on the right of any comment and selection "Block User" from there.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s