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(Alliance News) - Barclays PLC is being probed by the UK Financial Conduct Authority over potential persistent failings in its compliance and anti-money laundering systems, the Financial Times reported on Friday.
The FT, citing people familiar with the matter, said it follows the FCA issuing a notice of an independent review last spring, investigating the London-based lender's systems to prevent and detect financial crime.
The FCA was particularly concerned by the amount of "know-your-customer" and AML incidents, according to the FT's sources close to the matter.
The cases on an individual basis were "relatively minor", they added, but added up to a "concerning pattern".
https://www.ft.com/content/0a1eb38d-7409-42ba-8098-720ce9eef4d5
Both Barclays and the FCA declined to comment, the FT said. The FT noted a series of controversies afflicting Barclays in recent years.
Ex-Chief Executive Officer Jes Staley was forced to step down in November 2021 after an investigation into his past relationship with Jeffrey Epstein.
The bank's board backed Staley throughout the process, who is also appealing against the decision leading to his resignation, the FT said.
Last year, Barclays also agreed to pay USD361 million to the US Securities & Exchange Commission, after it accidentally sold USD17.7 billion of structured financial products it did not have authorisation for. It set aside USD450 million to compensate investors.
Shares in Barclays were down 1.7% to 186.42 pence each in London on Friday afternoon.
By Greg Rosenvinge, Alliance News reporter
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