109 million for tucked in huge deal Barclays has been slapped with a record fine for likely to keep a huge deal with super rich clients so secret it bought a new safe just to store the documents.
Market, The FCA said Barclays bent over backwards to support any number of"Ultra high net worth potential customers" And earn its 52 million percent. The bank had failed to perform proper research which should have thrown up a number of red flags, Each FCA menti one d, Adding it had tripled huge the fine to act as a obstruction to others. Frequent an"Hippo contend" Within just it Barclays, The payment came about in 2011 2012. One senior banker said it"The offer along with century, Per the regulators. Barclays wouldn't normally inquire into whether former CEO Bob Diamond, Who reconciled in July which black friday 2012 in the wake together with Libor rigging scandal, Was responsive to the offer. The bank would have faced an even heftier penalty had it not cooperated with investigators at an early stage. Who was probably ready abuse their public position for private gain. When Barclays asked its clients about the reason behind the money, It was told this money began landholdings, Position and commercial activities. The FCA said using these services was"Wholly insufficient and virtually best black friday sales useless, Cautionary With regulator, Barclays: 1. Did not completely corroborate the clients' stated source of wealth and source of funds for the dealing. 2. Omitted client names the particular on systems, Meaning the bank could not carry out crosschecks against abroad sanctions and court ruling lists. 3. Relied on public websites to verify 2015 thanksgiving deals the clients' causes of wealth. 4. cyber black friday Rushed the deal through so quickly the bank had received the cash before it had any assurance as to the cause of the funds. 5.
Closed and opened offshore accounts quickly just to process this contact. The saved Perhaps most alarming are the steps the bankers took to keep the offer hidden from co-Staff. Some documents pertaining to the trade were held in hard copy by Barclays"In a safe purchased with regard to storing information relating to the method of trading.
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