Barclays is under investigation by the UK Financial Conduct Authority (FCA) over its "historical oversight and management" of higher-risk customers, as reported by the Wall Street Journal.
The probe is focused on the effectiveness of anti-money-laundering and financial crime controls at both Barclays Bank UK, which serves retail and small business clients, and Barclays Bank, which handles global corporate services. The bank, which disclosed the civil enforcement investigation in its annual report, offered assurance that it is cooperating with the regulator but provided no predictions on potential outcomes or financial penalties.
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