UK regulator probes Barclays over anti-money laundering systems -FT

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The Financial Conduct Authority (FCA) requested an independent review of Barclay’s systems last year after noting the number of anti-money laundering incidents, the newspaper reported, citing people familiar with the matter.

The FCA wrote to the heads of Barclay’s corporate banking and U.K. retail and wealth divisions requesting a “skilled persons review”, or Section 166, the newspaper said.

Section 166 usually involves hiring an independent firm that produces reports with recommendations for improvement.

Neither Barclays nor the FCA responded to Reuters’ requests for comment.

Last year, the Payment Systems Regulator fined Barclays 8.4 million pounds ($10.16 million) for not giving retailers full information about payment card costs.

($1 = 0.8269 pounds)