Barclays PLC (LSE:BARC) is reportedly in more hot water with the Financial Conduct Authority (FCA) due to continued shortcomings with regards to its anti-money laundering (AML) processes.
The UK financial watchdog has launched an investigation, the Financial Times has reported, over "suspected failings", following an independent review of the lender’s systems last year.
Regulators were concerned about the number of incidents around Barclays' know-your-customer and AML incidents, sources said, one of which led to a fine of £0.8mln last February and an ex-gratia payment of to customers of one of its clients who lost £10mln.
Barclays is reporting its final results next week - though the review suggested the regulatory requirement in its previous updates.
In 2015, under a previous management team, the FCA fined Barclays £72mln for "poor handling of financial crime risks", as it had failed to carry out enhanced levels of due diligence and monitoring into a number of ultra-high net worth clients.
Not connected to these issues, but adding to its trouble with the regulator, last October, the lender was hit with a £50mln fine over a failure to disclose certain arrangements in its £4bn Qatari funding deal in 2008.
It's not just been on this side of the Atlantic, with last year Barclays paying a US$361mn to US regulators and £450mln of compensation after wrongly selling US$17.7bn of structured financial products without authorisation.