#276356 by TerranceBoyce
Thu Nov 26, 2015 9:42 am
http://www.fca.org.uk/news/fca-fines-barclays-72-million-for-poor-handling-of-financial-crime-risks
The UK banking system in general is far too lax in procedures to inhibit the use of the UK banking system to launder criminal funds. High profile cases like this give a false view that the FCA has the issue under control whereas this is not the case from the many thousands of UK bank accounts used by criminals to launder stolen money.
The UK banking system in general is far too lax in procedures to inhibit the use of the UK banking system to launder criminal funds. High profile cases like this give a false view that the FCA has the issue under control whereas this is not the case from the many thousands of UK bank accounts used by criminals to launder stolen money.
FCA fines Barclays £72 million for poor handling of financial crime risks
"Barclays ignored its own process designed to safeguard against the risk of financial crime and overlooked obvious red flags to win new business and generate significant revenue. This is wholly unacceptable.
"Firms will be held to account if they fail to minimise financial crime risks appropriately and for this reason the FCA has required Barclays to disgorge its revenue from the Transaction."
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