Barclays disclosed an investigation by the U.K. Financial Conduct Authority (FCA) into the bank’s anti-money laundering (AML) controls closed.

In an annual report filing Tuesday, Barclays said the investigation delved into the bank’s “compliance with U.K. money laundering regulations and the FCA’s rules and principles for businesses.” The probe was focused on “transaction monitoring in relation to certain business lines now in Barclays Bank UK PLC.”

In February 2023, the Financial Times reported the FCA issued a notice in 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 and AML incidents.

The reported investigation, known as a “skilled persons” review, gathered historical information, evidence, and/or documentation to determine whether remedial measures or enforcement action should have been taken.

Jeff Dale is Managing Editor, Editorial Projects and Analytics, at Compliance Week. He previously served as Compliance Week's Digital Editor and has worked as a copy editor at the Boston Herald and city editor at The Hour Publishing Co. in Norwalk, Conn.View full Profile

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