Barclays fined £42m over poor handling of financial crime risk
by Kalyeena Makortoff Banking correspondent from World news | The Guardian on (#6YP5F)
FCA fines bank for failures relating to money-laundering risk linked to two businesses
Barclays has been fined 42m over poor handling" of financial crime risks linked to two clients, including a gold bullion business run by James Stunt, the former son-in-law of Formula One tycoon Bernie Ecclestone.
The Financial Conduct Authority (FCA) said the bulk of the penalties, about 39.3m, related to Barclays' failure to properly screen Stunt's business - Stunt & Co - and its relationship with Fowler Oldfield, a Bradford jeweller now infamously linked to a large money-laundering operation.
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