- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Jeff Dale2024-02-21T18:49:00
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.
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2024-02-28T18:26:00Z By Kyle Brasseur
The U.K. Financial Conduct Authority will rein in its enforcement focus and commit to providing more updates on its ongoing investigations as part of a revamped strategy designed to quicken the pace and increase the deterrent impact of its cases.
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