Britain’s financial watchdog has fined Barclays 72 million pounds ($109 million) for cutting corners in vetting wealthy customers in order to win a huge transaction described by one senior manager as potentially the “deal of the century.” Just over 52 million pounds of the penalty comprised disgorgement, meaning clawing back the profit Barclays made on […]

The Financial Conduct Authority, whacking the bank with a £72m penalty for failing to run checks on a group of “politically exposed persons” wishing to transfer £1.88bn in a hurry, tells a cracking tale. See the bankers salivate as they eye the rewards that will come with this “elephant deal”. One manager wants to “race […]

The Financial Conduct Authority has today fined Barclays Bank £72m for failing to minimise the risk that it may be used to facilitate financial crime. The failings relate to a £1.88bn pound transaction that Barclays arranged and executed in 2011 and 2012 for a number of ultra-high-net-worth clients. The clients involved were politically exposed persons […]

Dutch bank ING is accused of enabling 123 million euros of money laundering, channeling the flow of funds into companies in tax havens such as the Virgin Islands, reported Volkskrant.nl. Statements made by financier Sam van Doorn, 71, says that ING was repeatedly warned about the shady business practices going on there. Van Doorn’s ex-business associate Erwin van Ruiter, who led […]

In Parvizi v Barclays Bank Plc (2014), the High Court struck out a claim in contract and held that Barclays was not in breach of that contract in freezing a customer’s accounts and denying him access to his funds.  The evidence established a clear belief by the bank of a relevant suspicion of money laundering […]

SARS tested in court – Iraj Parvizi v Barclays Bank The recent case of Iraj Parvizi v Barclays Bank [2014] EWHC B2 (QB) was heard in the High Court on 21 May 2014. Key themes considered in the case were the Proceeds of Crime Act 2002 (“the Act”) and the meaning of suspicion giving rise […]

Barclays has launched an internal review into whether its accounts were used for corrupt payments by FIFA officials, a banking source told AFP on Sunday. Standard Chartered has also said it was investigating payments cited in the US indictment. UK-headquartered Barclays, Standard Chartered and HSBC were among more than a dozen banks referred to in […]