The British bank Barclays received a sanction on Wednesday from the financial market regulator for inadequate controls that allowed money laundering operations and fraud.

The financial market regulator is fining Barclays 42 million pounds (48 million euros). According to Therese Chambers, co-executive director of the Bank Financial Conduct Authority (FCA), quoted in a statement, inadequate controls “allow criminals to launder the proceeds of their crimes and fraudsters to deceive consumers.” “Banks need to live up to their responsibilities.”

A en croire Financial Conduct Authority, Barclays is sanctioned in an initial case to the tune of 39.3 million pounds for n&rsquoo ; having “not properly considered the associated money laundering risks” to the banking service provider at Stunt & Co. In a second case ,Barclays style="font-family: "Bookman Old Style”, serif"> is criticized for not having “collected enough information” on the money laundering risk associated with the WealthTek company, to which it had opened a customer account. If the bank had “consulted the financial services register before opening the account,” it would have seen “that WealthTek was not authorized by the FCA to hold client funds