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Britain’s financial regulator is investigating Barclays PLC (BARC.L) for suspected failings in its compliance and anti-money laundering systems, the Financial Times reported on Friday (February 10, 2023).
The Financial Conduct Authority (FCA) requested an independent review of Barclays’ systems in 2022 after noting the number of anti-money laundering incidents, the newspaper reported, citing people familiar with the matter.
The FCA and Barclays declined to comment.
The FCA wrote to the heads of Barclays’ corporate banking and UK retail and wealth divisions requesting a “skilled persons review”, or Section 166, the newspaper said.
Section 166 usually involves hiring an independent firm that produces reports, potentially with recommendations for improvement.
Britain’s authorities have in recent years tried to crack down on financial controls at the country’s top banks, amid widespread criticism that London has become one of the world’s biggest hubs for the movement of illicit funds.
Barclays rival NatWest (NWG.L) was fined 265 million pounds ($321 million) in December 2021 for failing to prevent the laundering of nearly 400 million pounds, in the first criminal money laundering case by regulators against a British bank.
Barclays reports annual results on February 15, with investors likely to zero in on the performance of its investment bank amid a reshuffle of senior executives in recent weeks.
The bank will also provide further details on any legal and regulatory cases it is involved in.
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