Barclays has been accused of ditching clients born in countries the bank considers to be high-risk. Reports suggest the bank has made this move as it was concerned it may not be able to satisfy regulators on its anti-money laundering processes, following regulatory scrutiny by the Financial Conduct Authority in December for failing to do due diligence and proper crime checks on a deal involving wealth clients and politically exposed persons. Barclays insists there is no policy of "wholesale exiting" of clients but instead on a case-by-case basis.
Barclays has been accused of ditching clients born in countries the bank considers to be high-risk. Reports suggest the bank has made this move as it was concerned it may not be able to satisfy regulators on its anti-money laundering processes, following regulatory scrutiny by the Financial Conduct Authority in November for failing to do due diligence and proper crime checks on a deal involving wealth clients and politically exposed persons. Barclays insists there is no policy of "wholesale exiting" of clients but instead on a case-by-case basis.