US EditionBarclays Fined £42mn for Failed Money Laundering Checks
GREATER LONDON, ENGLAND, JUL 16 – Barclays was fined £42 million for inadequate anti-money laundering controls involving WealthTek and Stunt & Co, despite law enforcement alerts and police raids, the FCA said.
- The UK's Financial Conduct Authority fined Barclays £42 million on July 16, 2025, for failing to manage money laundering risks related to Stunt & Co and WealthTek.
- Barclays was fined for insufficient due diligence and lack of proper ongoing oversight despite being aware that Stunt & Co was paid £46.8 million connected to a large-scale laundering scheme involving Fowler Oldfield.
- Barclays also failed to check that WealthTek, now collapsed, was unauthorized to hold client money before £34 million was deposited, prompting a voluntary £6.3 million payment to affected clients.
- Therese Chambers, joint executive director at the FCA, emphasized the serious risks associated with inadequate financial crime measures, urging banks to respond quickly when vulnerabilities are identified. Barclays affirmed its full cooperation with the investigations and has enhanced its financial crime prevention and other control systems.
- Barclays’ extensive self-review and cooperation secured a significant fine reduction, but the case highlights ongoing vulnerabilities in bank financial crime controls with implications for industry oversight.
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Total News Sources37
Leaning Left3Leaning Right1Center10Last UpdatedBias Distribution71% Center
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71% Center
L 21%
C 71%
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