Page 24 - Barclays Bank (B)

The regulator said that Barclays

"did not follow its standard procedures,
preferring instead to take on the clients as

quickly as possible and thereby generated

£52.3m in revenue".

The billion-pound transaction was

cloaked in secrecy with unusually tight
confidentiality clauses, meaning few

within the bank knew of its existence, or

where to find the due diligence records,

which were kept only in hard copy and
not in the bank's IT systems.

The fine includes the £52.3m revenue that Barclay's made on the
deal, plus an additional charge of £19.8m. The top-up was

reduced by 30pc as the bank agreed to settle the case quickly.

“Barclays ignored its own process designed to
safeguard against the risk of financial crime and

overlooked obvious red flags to win new business
and generate significant revenue. This is wholly

unacceptable,"

said Mark Steward, director of enforcement and market oversight
at the FCA. Press Releases Published: 26/11/2015

“The fine comprises disgorgement of £52.3

million, which is the amount of revenue that
Barclays generated from the Transaction, and a

penalty of £19,769,400. This is the largest fine
that has been imposed by the FCA and its

predecessor the FSA for financial crime failings.”

Press Releases Published: 26/11/2015