Barclays fined record £72m: bypassed AML controls to land “deal of the century”

Barclays Bank has received the biggest fine handed out by the Financial Conduct Authority or its predecessor in relation to breaches of rules to minimise financial crime risk – £72,069,400. This was due to its handling of a global, highly confidential deal, valued at £1.88 billion, by some of its senior managers. The fine is eight times larger than the previous record fine of £8.75m – for anti-money laundering failings by private bank Coutts. However, for an institution of this size it represents a minor penalty, comprising disgorgement of the £52.3m earned by Barclays on the deal and a penalty of £19,769,400.