Bank fined over money laundering risk failings

BANKING giant Barclays has been handed a £3m fine and has agreed to make other voluntary payments over its work with the closed North East wealth management firm WealthTek.

- GRAEME WHITFIELD

The Financial Conduct Authority (FCA) has fined Barclays more than £42m over its "poor handling" of financial crime risks in separate cases linked to the WealthTek and Stunt & Co businesses.

WealthTek, which also traded as Vertem Asset Management and Malloch Melville, was closed down by the FCA in 2023 after the watchdog said "serious regulatory and operational issues" had come to light.

The FCA later said there was a potential £81m shortfall in client money and has charged principal partner John Dance with nine charges including fraud by abuse of position, fraud by false misrepresentation and money laundering. Mr Dance has pleaded not guilty to the charges.