UK REGULATOR FINES BARCLAYS £42 MILLION- For lapses In financial crime control

Britain’s financial regulator fined Barclays £42 million on Wednesday for failing to evaluate money laundering risks while providing services to its clients Stunt & Co and WealthTek.

The biggest portion of the fine is related to its banking relationship with gold bullion business Stunt & Co, a customer of Fowler Olfield which was linked to a major money laundering operation.

The Financial Conduct Authority (FCA) said Barclays failed to properly vet Stunt & Co, even as the firm received 46.8 million pounds from Fowler Oldfield. It continued offering services despite police raids and regulatory warnings.

Stunt & Co is currently under liquidation.

The FCA said Barclays only reviewed its exposure to Fowler Oldfield after learning of the regulator’s decision to prosecute NatWest over its ties to the same firm.