Barclays fined 103m euros for failing to run checks on rich clients

[rooster59]

Barclays fined 103m euros for failing to run checks on rich clients

Barclays has been fined 72 million pounds (103 million euros) for failing to run proper checks on rich clients to prevent financial crime.

Britain’s markets watchdog the Financial Conduct Authority said the clients involved were “politically exposed” and should have brought enhanced monitoring.

But instead the bank fawned over them, taking them on as quickly as possible to generate nearly 75 million euros in revenue and contravening its own guidelines according to the watchdog.

The FCA said the failings related to a 1.88 billion pound (2.6 billion euros) transaction in 2011 and 2012 for several extremely rich clients.

Responding to the fine, Barclays noted that the FCA had not found that the bank had facilitated any financial crime in relation to the transaction.

-- (c) Copyright Euronews 2015-11-28

[slapout]

Laundering money via the banks would be largely eliminated if the banks folllowed the proper rules and guidelines.

This in itself would be of great assistance in the fight against corruption going on around the world.

The fine is well and good if the money goes back to whence it came and to those that are deserving. But, slap those responsible for the lack of investigation in the slammer for few years and the fight against this type of inaction would be much easier and those who might be considering similar inaction, may think again.

Barclays may not have facilitated a financial crime , but made no apparent attempt to stop one taking place

[clockman]

Punish the banks, like Iceland did!

[razer]

You don't put your boss in jail. New Political Science 101.

[pitrevie]

More charges for the customer to pay to cover the loss of profits, in the meantime the culprits who perpetrated this don't get punished. Although a few might have to lose their jobs while being compensated with lottery type payouts.

[Suradit69]

Major US and European banks simply flaunt laws and regulations and consider the fines (tea money) they pay to be a cost of business and the people they screw in the process to be beneath their contempt (and those they screw rarely benefit from the penalties banks pay).