Britain’s financial regulator is investigating Barclays Plc for suspected failings in its compliance and anti-money laundering systems, the Financial Times reported on Friday.
The Financial Conduct Authority (FCA) requested an independent review of Barclays’ systems last year after noting the number of anti-money laundering incidents, FT reported.
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 report said.
Section 166 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 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.
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