Regulatory gap analysis: Barclays Fined £42m for Financial Crime Failings

In a landmark enforcement, the FCA has fined Barclays £42 million for failing to manage financial crime risks tied to WealthTek and Stunt & Co – two clients involved in potentially suspicious transactions totalling over £80 million.

What went wrong?

• Inadequate onboarding checks

• Ignored red flags

• Weak ongoing monitoring

• Failure to join up information internally

Barclays isn’t a stranger to regulatory intervention, and this latest penalty brings their total financial crime related fines to just over £150 million since 2015.

What does this mean for your firm?

If it can happen to Barclays, it can happen to anyone. This case underscores the urgent need for robust AML controls and proactive risk assessments.

Download our free Regulatory Gap Analysis template to identify vulnerabilities in your financial crime framework – before the regulators do.

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