FCA penalty brings bank’s fines to £500m since 2009 after its wealth management arm ignored its own processes in sensitive £1.9bn dealAn “elephant deal” executed three years ago has cost Barclays £72m in penalties after the City regulator concluded that the bank ran the risk of being used to launder money or finance terrorism.
To be classified internally as an “elephant”, a deal has to be worth £20m or more. This one was worth nearly £1.9bn – so large that it aroused the interest of the Financial Conduct Authority. Related: Barclays fined $150m over forex trading by New York regulator Continue reading...
Source: theguardian.com