US Edition
Barclays Fined £42mn for Failed Money Laundering Checks
GREATER LONDON, ENGLAND, JUL 16 – Barclays was fined £42 million for inadequate anti-money laundering controls involving WealthTek and Stunt & Co, despite law enforcement alerts and police raids, the FCA said.
- On July 16, 2025, the UK's Financial Conduct Authority imposed a £42 million fine on Barclays for inadequate management of money laundering risks in connection with its business dealings involving Stunt & Co and WealthTek.
- Barclays did not gather sufficient information or conduct proper monitoring despite law enforcement notices and police raids, and the FCA found WealthTek unpermitted to hold client money.
- Between 2014 and 2016, Fowler Oldfield, a Bradford-based entity involved in a large-scale money laundering scheme, transferred £46.8 million to Stunt & Co, while clients of WealthTek placed £34 million into an account that was not properly verified.
- Barclays undertook an extensive review, self-reported to the FCA, and agreed to pay £6.3 million to WealthTek’s clients facing shortfalls, securing a significant fine reduction through cooperation.
- The FCA urged banks to act promptly on risks to prevent crime, while Barclays stated it remains committed to combating financial crime and has strengthened its controls.
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London.- Barclays Plc was fined 42 million pounds (56 million dollars) for not properly identifying the risks of financial crimes with two clients. Most of the fine is related to the lack of proper management of Barclays’ money laundering risks in relation to Stunt & Co., according to a statement issued on Wednesday. Over a year, the FCA found that the gold trading company Stunt & Co. received 46.8 million pounds from Fowler Oldfield, a company …
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Total News Sources46
Leaning Left3Leaning Right1Center14Last UpdatedBias Distribution78% Center
Bias Distribution
- 78% of the sources are Center
78% Center
L 17%
C 78%
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