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UK probes Barclays over anti-money laundering systems, says report

The FCA wrote to the heads of Barclays' corporate banking and UK retail and wealth divisions requesting a "skilled persons review", or Section 166, the report said

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Reuters London
Britain’s financial regulator is investigating Barclays Plc for suspected failings in its compliance and anti-money laundering systems, the Financial Times reported on Friday.

The Financial Conduct Authority (FCA) requested an independent review of Barclays’ systems last year after noting the number of anti-money laundering incidents, FT reported.
 
The FCA and Barclays declined to comment.
 
The FCA wrote to the heads of Barclays’ corporate banking and UK retail and wealth divisions requesting a “skilled persons review”, or Section 166, the report said.
 
Section 166 involves hiring an independent firm that produces reports, potentially with recommendations for improvement.
Britain’s authorities have in recent years

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Topics : Barclays