LONDON, Nov 26 (Reuters) - Britain's markets watchdog saidon Thursday it has fined Barclays 72 million pounds($108.6 million) for failing to minimise the risk that it mightbe used to aid financial crime.
The Financial Conduct Authority said the failings relate toa 1.88 billion pound transaction that Barclays arranged andexecuted in 2011 and 2012 for a number of ultra-high net worthclients.
"The clients involved were politically exposed persons andshould therefore have been subject to enhanced levels of duediligence and monitoring by Barclays," the FCA said in astatement.
"Barclays did not follow its standard procedures, preferringinstead to take on the clients as quickly as possible andthereby generated 52.3 million in revenue," the FCA said.
($1 = 0.6630 pounds) (Reporting by Huw Jones. Editing by Jane Merriman)
Barclays (BARC)
