Barclays Bank has been fined £42 million by the UK’s financial watchdog, the Financial Conduct Authority (FCA), for lapses in its money laundering risk management.

• The majority of the fine, £39.3 million, was related to Barclays' dealings with Stunt & Co, which was linked to a £46.8 million money laundering operation.
• A principal partner of WealthTek, another client of Barclays, has been charged with financial crimes including money laundering.
• The FCA marked this as Barclays' third fine for financial crime control failures, with previous penalties of £783,800 in 2022 and £72 million in 2015.