UK Watchdog Investigates Barclays Over Anti-Money Laundering System - FT
10 February, 2023 9:52 AMUK financial regulators are investigating Barclays PLC (BARC.L) for alleged failures in compliance and anti-money laundering systems, the Financial Times reported Friday.
The Financial Conduct Authority (FCA) called for an independent review of Barclays' systems after pointing out a number of money laundering incidents last year, the paper said, citing people familiar with the matter.
FCA has sent a letter to Barclays' corporate banking and UK retail and finance executives requesting a "qualifier review" or Section 166, the newspaper reported.
Section 166 usually involves hiring an independent firm to generate a report with recommendations for improvement.
Amid widespread criticism that London has become one of the world's largest illicit money hubs, British authorities have been working in recent years to crack down on financial controls by major banks.
Barclays competitor NatWest (NWG.L) is suing $265 million in December 2021 for failing to prevent the laundering of around £400 million in the first-ever criminal money laundering case filed against UK urns by regulators. It was fined £321 million ($321 million).
Barclays reported full-year results on Feb. 15, and investors will likely focus on the investment bank's performance amid a senior management reshuffle in recent weeks.
The Bank will also provide further information on all relevant legal and regulatory cases.
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