Barclays Bank has been fined a total of £42.4 million by the UK's Financial Conduct Authority (FCA) for inadequate management of financial crime risks. This includes a £39.3 million fine related to banking services for Stunt & Co and a £3.1 million fine for failing to assess money laundering risk before opening an account for WealthTek. The FCA emphasized that poor controls enable criminals to launder proceeds and fraudsters to defraud consumers, urging banks to take responsibility.
Barclays fined £42m over poor handling of financial crime risk
BarclaysFinancial Conduct AuthorityBankingBusinessUKRegulators
AI Summary
TL;DR: Key points with love ❤️Barclays Bank has been fined a total of £42.4 million by the UK's Financial Conduct Authority (FCA) for inadequate management of financial crime risks. This includes a £39.3 million fine related to banking services for Stunt & Co and a £3.1 million fine for failing to assess money laundering risk before opening an account for WealthTek. The FCA emphasized that poor controls enable criminals to launder proceeds and fraudsters to defraud consumers, urging banks to take responsibility.
Trending- 1 March (likely 2025): James Stunt cleared at Leeds crown court of money laundering operation.
- 2 July 16, 2025: Financial Conduct Authority announces fines totaling £42.4 million against Barclays Bank.
- Barclays Bank fined £42.4 million
- Criminals enabled to launder proceeds and fraudsters to defraud consumers due to poor controls
- Barclays made a voluntary payment to affected consumers
What: Barclays Bank was fined £42.4 million by the Financial Conduct Authority (FCA) for its poor handling of financial crime risks, specifically related to money laundering risks associated with providing banking services to Stunt & Co and opening a client money account for WealthTek.
When: The fines were announced on July 16, 2025, relating to separate failings. James Stunt was cleared in March (of an unspecified year, likely 2025) of a separate money laundering operation.
Where: United Kingdom, specifically involving Barclays Bank, Stunt & Co, and WealthTek. Leeds crown court was mentioned in relation to James Stunt's trial.
Why: Barclays failed to adequately manage money laundering risks and did not check for sufficient information to understand the money laundering risk before opening an account for WealthTek. The FCA's objective is to prevent criminals from laundering proceeds and fraudsters from defrauding consumers.
How: The Financial Conduct Authority imposed two separate fines: £39.3 million for failures related to Stunt & Co and £3.1 million for failures related to WealthTek. Barclays secured a reduction in its fine through extensive cooperation and by making a voluntary payment to affected consumers.