The FCA fined Barclays £42 million for failing to assess money laundering risks while providing services to clients Stunt & Co and WealthTek.
Barclays did not gather sufficient information at the start of the relationship or carry out proper ongoing monitoring for these clients, despite receiving information from law enforcement about potential money laundering activities.
The FCA emphasised the importance of robust financial crime controls and adequate due diligence in preventing the facilitation of financial crime.