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Barclays' AML Systems Under Investigation

Barclays' AML Systems Under Investigation

by Starling Insights

Starling Insights Editorial Board

Apr 11, 2023

Observations

Barclays, one of the UK's largest financial institutions, is under investigation by the Financial Conduct Authority (FCA) for suspected shortcomings in its compliance and anti-money laundering systems (AML).

The FCA will ask an independent firm to evaluate and report on its systems and provide recommendations for improvement in response. The probe is reportedly in response to a number of incidents where Barclays did not complete proper AML and know-your-customer checks.

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