US Edition
Barclays Fined £42mn for Failed Money Laundering Checks
GREATER LONDON, ENGLAND, JUL 16 – The UK regulator fined Barclays £42 million for poor anti-money laundering controls linked to WealthTek and Stunt & Co, with £39.3 million related to a money laundering operation, FCA said.
- Britain's financial regulator fined Barclays £42 million on July 16, 2025, for failures in managing money laundering risks related to Stunt & Co and WealthTek.
- The Fine Conduct Authority said Barclays did not gather enough client information or perform proper ongoing monitoring despite law enforcement warnings and police raids.
- During just over a year, Stunt & Co obtained £46.8 million linked to Fowler Oldfield, which was involved in a large-scale money laundering scheme, while WealthTek held £34 million in client funds despite lacking FCA authorization to do so.
- Barclays agreed to pay £6.3 million voluntarily to WealthTek’s clients facing a shortfall and fully cooperated with investigations while enhancing its financial crime controls.
- This fine highlights the need for banks to act promptly on risks to prevent laundering and fraud, emphasizing Barclays’ continued commitment to financial crime prevention.
Insights by Ground AI
Does this summary seem wrong?
54 Articles
54 Articles
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 …
Coverage Details
Total News Sources54
Leaning Left3Leaning Right1Center13Last UpdatedBias Distribution76% Center
Bias Distribution
- 76% of the sources are Center
76% Center
L 18%
C 76%
Factuality
To view factuality data please Upgrade to Premium
