- The UK Financial Conduct Authority (FCA) is reportedly investigating. Barclays PLC UCS for suspected deficiencies in its compliance and anti-money laundering systems.
- The agency last year called for an independent audit of Barclays’ systems after ascertaining the number of anti-money laundering incidents, the Financial Times reported, citing people familiar with the matter.
- The FCA wrote to the heads of Barclays’ Corporate Banking and UK Retail and Wealth divisions, calling for a “skilled person review” or Section 166, the report added.
- Section 166 typically involves hiring an independent firm to prepare reports, possibly with recommendations for improvement.
- The FCA review is just the latest issue for Barclays, which has clashed with regulators and struggled with compliance missteps in recent years.
- Former CEO Jes Staley was forced to resign in November 2021 after his past relationship with Jeffrey Epstein was investigated. The bank’s board of directors supported him throughout the process. Staley is appealing the decision.
- The FCA says it will take a more aggressive approach to enforcement after a series of scandals under new chief executive Nikhil Rathi, and has repeatedly warned banks operating in the UK that their oversight and reporting systems are not yet up to date are.
- Price promotion: BCS shares are down 1.30% to $9.08 premarket as of the most recent check Friday.
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