Barclays fined £42m over money laundering checks

Barclays Bank has been fined £42m by the UK's financial watchdog for failures in its money laundering risk management.

The Financial Conduct Authority (FCA) said Barclays had not properly vetted two of its clients, Stunt & Co and WealthTek.

The FCA said Barclays "facilitated the movement of funds linked to financial crime" by providing services to Stunt & Co and said there was "an increased risk" of client money misappropriation or money laundering from its failure to check WealthTek.

Barclays has been approached for comment.