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Barclays: A Modern Enforcement Action for Modern Misconduct

Matt Kelly | November 30, 2015

While we here in the United States were stuffing ourselves with Thanksgiving turkey last week, our friends at the Financial Conduct Authority in London whacked Barclays bank with a fine of £72 million ($109 million) for sloppy oversight of a huge private-client deal brimming with financial crime risk—the largest fine in FCA history for financial crime, and one worth a compliance officer’s attention.

The more you read the details of the transaction Barclay’s brokered, and how poorly bank executives managed it, and the reasoning behind the FCA’s decision to sanction, the more you see how this particular enforcement action speaks to so much happening in corporate compliance today. So let’s get into it.

Start with the transaction itself that got Barclays into trouble...

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