Barclays Bank is reportedly being investigated by the U.K.’s financial services regulator for failures regarding its anti-money laundering (AML) procedures and controls.

The Financial Conduct Authority (FCA) issued a notice in spring 2022 for an independent review into the bank’s systems to detect and mitigate financial crime following a “concerning” rise in the volume of relatively minor know your customer (KYC) and AML incidents, according to a report from the Financial Times on Friday. The report cited unnamed sources familiar with the matter.

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Neil Hodge is a freelance business journalist and photographer based in Nottingham, United Kingdom. He writes on insurance and risk management, corporate governance, internal audit, compliance, and legal...