UK watchdog fines Barclays for failing to minimise financial crime risks

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Huw Jones

(Reuters) - Britain’s markets watchdog said on Thursday it has fined Barclays 72 million pounds ($108.6 million) for failing to minimise the risk that it might be used to aid financial crime.

The Financial Conduct Authority said the failings relate to a 1.88 billion pound transaction that Barclays arranged and executed in 2011 and 2012 for a number of ultra-high net worth clients.

“The clients involved were politically exposed persons and should therefore have been subject to enhanced levels of due diligence and monitoring by Barclays,” the FCA said in a statement.

“Barclays did not follow its standard procedures, preferring instead to take on the clients as quickly as possible and thereby generated 52.3 million in revenue,” the FCA said.

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