Widespread, longstanding use of personal devices costs Barclays $125m

Even senior managers in Barclays' investment banking entity sent tens of thousands of personal messages that violated the firm's policies. A costly remedial exercise is underway, reports Denis O'Connor.

Denis O'Connoris a fellow of both the Institute of Chartered Accountants in England & Wales and the Chartered Institute of Securities and Investment. He was a member of the British Bankers' Association Money Laundering Committee from 2003-10 and a member of the Joint Money Laundering Steering Group's board and editorial panel between 2010 and 2016. He has been a frequent speaker at industry conferences on financial crime issues, both in the United Kingdom and abroad.

The Securities and Exchange Commission in the United States has fined Barclays Capital Inc $125 million for a "widespread and longstanding" failure by the firm and its staff to maintain and preserve electronic communications. [1] Barclays have admitted their failings and have begun to improve their compliance policies and procedures.