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The extraordinary case of an elderly man who was forced into expensive legal proceedings to recover almost GBP200,000 accidentally paid into the wrong bank account could have been so easily avoided if UK banks operated, under the auspices of regulators, a simple cross-check of information. It happens elsewhere.

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James (Jes) Staley, the CEO of Barclays plc paid a fine of GBP642,430.00 in May 2018[1], essentially because he tried to find out the identity of the author of two anonymous letters sent to the bank that raised concerns on the hiring of Mr Staley’s friend. When such concerns are raised, typically a ‘Whistle-blowing’ process should be followed.

Contributor: Dev Odedra

It's amazing: the old 419 scam still works enough for people to persist in using it. From mail in envelopes via, in some cases, telex and then fax and onto e-mail, they just keep on coming. This one purports to come from someone working at Barclays Bank.

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In 2015, the UK's Financial Conduct Authority fined Barclays Bank its then largest penalty for failings in its financial crime management obligations. Barclays had been one of the first major banks to install company-wide money laundering management software. But it doesn't help when those within the bank don't feed it the information it needs.

The US Commodity Futures Trading Commission has imposed an agreed penalty of USD200 million on Barclays PLC, Barclays Bank PLC and Barclays Capital, Inc for attempting to manipulate LIBOR and Euribor rates and making false reports to obscure its financial position during the global financial crisis. But there have also been settlements with the US Department of Justice and the UK's Financial Services Authority. The total of fines and penalties is substantial. And other banks may be in the firing line, too.

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