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Barclays fined £72m for lack of checks
Banking giant Barclays has been fined £72m for failing to conduct proper checks on very rich clients because it did not want to inconvenience them. The City regulator said Barclays arranged a deal worth £1.88bn for wealthy clients in 2011 and 2012 which it kept quiet. It did not conduct the proper checks on clients who should have been considered politically high risk. The bank said it co-operated fully with the inquiry. Crime risk The Financial Conduct Authority (FCA) said that the clients were "politically exposed persons" and so should have undergone greater scrutiny by Barclays. The watchdog said that this ... (full story)