Barclays Bank Fined £42 Million Over Money Laundering Lapses
Barclays Bank has been slapped with a £42 million fine by the UK’s Financial Conduct Authority (FCA) over failures in its anti-money laundering controls, particularly involving two clients suspected of serious financial crime.
The FCA cited that Barclays did not properly vet or monitor its dealings with Stunt & Co and WealthTek, exposing the financial system to elevated risks of money laundering and client fund misappropriation.
“Barclays facilitated the movement of funds linked to financial crime,” the FCA said in its report. “There was an increased risk of client money misappropriation from its failure to check WealthTek.”
Stunt & Co Scandal
Of the total fine, £39.3 million relates to the bank’s dealings with Stunt & Co, which the FCA claims received £46.8 million from Fowler Oldfield — a known money laundering operation — in just over a year.
Barclays failed to conduct proper ongoing monitoring of the Stunt & Co account. The bank only acted to reassess the relationship after the FCA initiated proceedings against NatWest for its links to Fowler Oldfield.
WealthTek Oversight
The remaining fine involves Barclays’ relationship with WealthTek, a firm not authorised by the FCA to hold client funds. According to the regulator, Barclays neglected basic due diligence such as checking the Financial Services Register.
In December 2024, one of WealthTek’s key partners, John Dance, was charged with multiple offences, including fraud and money laundering. His trial is scheduled for September 2027 at Southwark Crown Court.
Barclays Responds
In response, Barclays said it had fully cooperated with the investigations and taken significant steps to strengthen its anti-financial crime frameworks.
“Barclays remains deeply committed to the fight against financial crime and fraud,” the bank said in a statement.
The FCA acknowledged that Barclays received a reduced fine due to its extensive cooperation, including voluntary payments to affected clients and a self-initiated internal review.
However, this is not the first time Barclays has found itself on the wrong side of the regulator. The bank was previously fined £783,800 in 2022 for oversight failures linked to Premier FX, and £72 million in 2015 for weak financial crime controls involving ultra-wealthy politically exposed clients.
The latest penalty underscores the FCA’s increasing scrutiny of banks’ compliance with anti-money laundering regulations, especially in cases involving high-risk clients and weak internal oversight.
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Barclays Bank Fined £42 Million Over Money Laundering Lapses