FCA Fines Barclays £42 Million for Financial Crime Risk Management Failures
Barclays Bank UK PLC was fined £3.1 million for opening a client money account for WealthTek without carrying out adequate checks. The bank reportedly failed to verify whether WealthTek was authorised to hold client funds, a step that could have been completed by consulting the FCA’s register. As a result, clients deposited £34 million into…
Read more