Barclays Fined £42 Million Over UK Money Laundering Lapses

Barclays Plc was fined £42 million ($56 million) over failures to properly identify financial crime risks with two clients.

The bulk of the fine is tied to Barclays’ failure to adequately manage money laundering risks tied to Stunt & Co., according to a statement on Wednesday. Over the course of a year, the Financial Conduct Authority found that gold trader Stunt & Co. received £46.8 million from Fowler Oldfield, a company that was at the heart of one of the UK’s largest ever money-laundering trials.