Barclays fined in UK for WealthTek, Stunt & Co money laundering failings
( July 16, 2025, 07:46 GMT | Official Statement) -- MLex Summary: The UK Financial Conduct Authority has fined Barclays Bank a total of 42 million pounds (around $56 million) for separate instances of failings in its money laundering processes. In the first, Barclays failed to check it had sufficient information to understand the risk of money laundering before it opened a client account for wealth manager WealthTek. In the second, Barclays failed to adequately manage the money laundering risks associated with providing banking services to Stunt & Co, a business owned by socialite James Stunt, who was recently cleared by a UK court of money laundering allegations.The FCA’s press release follows:...
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