The Financial Conduct Authority (FCA) of the UK is investigating Barclays over its compliance and anti-money laundering systems
The FCA requested an independent review of the bank's systems last year after noting the number of anti-money laundering incidents, according to people familiar with the matter.
The FCA and Barclays declined to comment on the matter. The FCA has written to the heads of Barclays' corporate banking and UK retail and wealth divisions requesting a "skilled persons review", or Section 166. This usually involves hiring an independent firm that produces reports, potentially with recommendations for improvement.
The UK authorities have been cracking down on financial controls at the country's top banks in recent years, with widespread criticism that London has become one of the world's largest hubs for the movement of illicit funds. e Financial Conduct Authority (FCA) of the UK is investigating Barclays over its compliance and anti-money laundering systems.
The FCA requested an independent review of the bank's systems last year after noting the number of anti-money laundering incidents, according to people familiar with the matter. The FCA and Barclays declined to comment on the matter.
The FCA has written to the heads of Barclays' corporate banking and UK retail and wealth divisions requesting a "skilled persons review", or Section 166. This usually involves hiring an independent firm that produces reports, potentially with recommendations for improvement.
The UK authorities have been cracking down on financial controls at the country's top banks in recent years, with widespread criticism that London has become one of the world's largest hubs for the movement of illicit funds.
The UK authorities have been cracking down on financial controls at the country's top banks in recent years, with widespread criticism that London has become one of the world's largest hubs for the movement of illicit funds. e Financial Conduct Authority (FCA) of the UK is investigating Barclays over its compliance and anti-money laundering systems.
The FCA requested an independent review of the bank's systems last year after noting the number of anti-money laundering incidents, according to people familiar with the matter. The FCA and Barclays declined to comment on the matter.
The FCA has written to the heads of Barclays' corporate banking and UK retail and wealth divisions requesting a "skilled persons review", or Section 166. This usually involves hiring an independent firm that produces reports, potentially with recommendations for improvement.
The UK authorities have been cracking down on financial controls at the country's top banks in recent years, with widespread criticism that London has become one of the world's largest hubs for the movement of illicit funds.
