The Financial Conduct Authority (FCA) has fined Barclays Bank UK PLC and Barclays Bank PLC a combined total of £42 million for significant failings in financial crime risk management. The FCA found that, between 2015 and 2022, Barclays failed to undertake adequate checks regarding money laundering risks when opening client money accounts, allowing large sums to move through the banking system without sufficient oversight.
One case involved opening a client account for WealthTek, where Barclays did not verify if the company was authorised to handle client funds. As a result, clients were able to deposit £34 million without appropriate due diligence. Barclays has agreed to pay £6.3 million voluntarily to WealthTek’s clients to cover shortfalls, following FCA intervention. In a separate case, Barclays was fined £39.3 million relating to Stunt & Co, which received £46.8 million from Fowler Oldfield, later identified as a key participant in a money laundering operation. The FCA reported that “Barclays did not gather enough information or conduct proper monitoring for Stunt & Co,” and only reviewed its exposure after FCA action against another major UK bank.
- The FCA charged WealthTek’s principal partner with money laundering and fraud in December 2024.
- Barclays facilitated the movement of funds linked to financial crime over several years.
- Barclays’ fines were reduced due to extensive cooperation and voluntary payments to affected consumers.
In its statement, the FCA commented: “The consequences of poor financial crime controls are very real – they allow criminals to launder the proceeds of their crimes, and they allow fraudsters to defraud consumers. Banks need to take responsibility and act promptly, particularly when obvious risks are brought to their attention.” The FCA further noted that Barclays’ cooperation led to “a significant reduction in its fine.”
This decision by the FCA reinforces the regulatory expectation for robust anti-money laundering measures, especially when processing customer funds. The case underscores the importance of thorough due diligence and ongoing monitoring for all financial institutions operating in the UK, including those supporting online casinos and payment providers.
| Key Findings | Impact | Further Reading |
|---|---|---|
| Poor checks on high-risk accounts | £42 million total fines, voluntary consumer compensation | FCA Press Release |
| Facilitated suspicious transactions | Closer scrutiny for banks and payment providers | UK Money Laundering Rules |
| FCA demands prompt and effective controls | Ongoing regulatory reform in the financial sector | More on FCA Enforcement |
For UK online casino players, these developments highlight the importance of using payment methods and casinos that comply with FCA and UK Gambling Commission standards (UK Licensed Casino Sites). For more about secure withdrawal processes and anti-money laundering controls, see our guides on PayPal withdrawals, Trustly, and common compliance issues at CasinoWithdrawal.co.uk.
