Barclays fined £72m for financial crime failings

The failings relate to a £1.9bn transaction that Barclays arranged and executed in 2011 and 2012 for a number of ultra-high-net-worth clients. According to the FCA, the clients were politically exposed persons - individuals whose prominent position in public life may make them vulnerable to corruption - and should therefore have been subject to enhanced levels of due diligence and monitoring. The regulator said in reality Barclays applied a lower level of due diligence than its policies required for other business relationships of a lower risk profile. It accused the bank of avoidi...