FCA fines Barclays £42M for serious financial crime lapses, including poor due diligence on Stunt & Co and unauthorised client funds at WealthTek, enabling fraud and ML

The majority of the penalty, £39.3 million, pertains to Barclays’ relationship with Stunt & Co, a gold bullion firm linked to Fowler Oldfield, a company involved in a major money laundering operation. Despite receiving £46.8 million from Fowler Oldfield, Barclays failed to conduct adequate due diligence or ongoing monitoring, even after law enforcement alerts and police raids on both firms…