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Release Date: 26th November 2015

To access the original FCA document, click here.


The Financial Conduct Authority (FCA) has fined Barclays Bank £72,069,400 for failing to adequately manage financial crime risks related to a £1.88 billion transaction involving politically exposed persons (PEPs) in 2011 and 2012. Despite the high risk associated with the clients’ PEP status, Barclays did not follow its enhanced due diligence procedures, choosing instead to expedite the transaction to generate £52.3 million in revenue.

Key Failures:

Barclays’ failings were seen as serious due to the potential risk of financial crime, though the FCA made no finding that the transaction facilitated such crime. The fine includes the disgorgement of the £52.3 million revenue and an additional penalty of £19,769,400.

Key Takeaways for Firms:

By addressing these areas, firms can better protect themselves from regulatory penalties and uphold the integrity of their operations against financial crime risks.

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