Barclays fined £72m for rushing crime checks in order not to 'inconvenience' ultra-rich clients

Barclays has been hit with a record £72 million fine after City regulators in England found the bank cut corners to rush through financial crime checks for a £1.88 billion “elephant deal” on behalf of ultra-rich clients.

The UK's Financial Conduct Authority (FCA) said Barclays failed to carry out the proper checks for the transaction to secure £52.3 million in fees so it did not “inconvenience” the clients – said to be prominent people in public life.