Barclays Under UK Probe Over Anti-Money Laundering Systems

The U.K.'s Financial Conduct Authority (FCA) is reportedly investigating Barclays PLC BCS for suspected failings in its compliance and anti-money laundering systems.
The Authority requested an independent review of Barclays' systems last year after noting the number of anti-money laundering incidents, the Financial Times reported, citing people familiar with the matter.
The FCA wrote to the heads of Barclays' corporate banking and U.K. retail and wealth divisions requesting a "skilled person review," or Section 166, the report added.
Section 166 usually involves hiring an independent firm that produces reports, potentially with recommendations for improvement.
The FCA review is just the latest problem for Barclays, which has clashed with regulators and struggled with compliance missteps in recent years.
Ex-chief executive officer Jes Staley was forced to step down in November 2021 amid a probe into his past relationship with Jeffrey Epstein. The bank's board backed him throughout the process. Staley is appealing the decision.
The FCA says it will take a more aggressive approach to enforcement under new chief executive Nikhil Rathi after a series of scandals and has repeatedly warned banks operating in the U.K. that their oversight and reporting systems are not yet up to scratch.
Price Action: BCS shares are down 1.30% at $9.08 premarket on the last check Friday.