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The UK financial regulator has imposed a fine of Barclay £ 42MN to fail to properly manage money laundering risks on two occasions.

Financial Conduct Authority said on Wednesday Barcalage “Failure for Financial Crime Risk Management” was fined, including opening a client money account for Wealth Manager Wealthtech, which was shut down For “serious regulatory and operational issues”.

The FCA said, “It could have conducted a simple investigation that he had to look at the register of financial services before opening an account. It was done, it would have been seen that Weltech was not allowed to keep the client’s money by the FCA,” the FCA said.

The regulator said that Barclays agreed to pay £ 6.3MN to the customers of Wealthtech, who are not able to recover all their lost money.

In the second case, the FCA stated that Barclays provided banking services to Stunt & Co. to get £ 46.8MN from Founder Oldfield, “a multimilian-pound money laundering operation”.

The FCA said, “Even after obtaining information from law enforcement about suspected money laundering through Barclays Fauler Oldfield, the money laundering risks associated with the firm failed to consider properly and after knowing that the police raided both firms.”

The FCA stated that Barclay “continues to engage and invest in an important remedial program to improve its money laundering control framework.

This is a developing story