Barclays fined UK£3m over weak CDD on wealth manager's client account

Inadequate customer due diligence (CDD) on a business customer and its client account have cost Barclays Bank UK PLC a UK£3,093,600 (US$4,155,570) penalty from the UK Financial Conduct Authority.

Inadequate customer due diligence (CDD) on a business customer and its client account have cost Barclays Bank UK PLC a UK£3,093,600 (US$4,155,570) penalty from the UK Financial Conduct Authority (FCA).