The issue related to the business account of Stunt & Co, based in Battersea in London, where Barclays did not follow critical AML rules, the Financial Conduct Authority (FCA) said.

Between 9 January 2015 and 23 April 2021, the FCA found Barclays failed to identify, assess, monitor and manage money laundering risks when providing banking services to Stunt & Co, which was given a winding up petition in 2020.

The bank considered the business ‘low risk’ up until March 2019 when it increased its rating to a medium risk. Barclays did not gather enough information at the start of the relationship or carry out proper ongoing monitoring. 

The FCA said: ‘This was despite Barclays’ awareness of multiple risks regarding the business relationship with Stunt & Co from the establishment and during the course of that relationship, including in respect of the nature of Stunt & Co’s business and the source of wealth of its director and sole shareholder James Stunt.’

Stunt