Barclays Bank has been hit with a £42 million fine by the UK’s Financial Conduct Authority (FCA) for failing to adequately assess and monitor money laundering risks in two high-profile client relationships.

The FCA levied a £39.3 million fine for the bank’s insufficient due diligence and ongoing oversight of gold bullion firm Stunt & Co, which received £46.8 million in transfers from Fowler Oldfield—a jeweller involved in what authorities described as a major money laundering operation. Despite police raids and law enforcement warnings, Barclays failed to reassess the client’s risk profile.

In a separate case, Barclays opened an account for WealthTek without verifying its regulatory status. The firm was not authorised to hold client funds, yet customers went on to deposit £34 million into its account. The bank has agreed to voluntarily reimburse £6.3 million to affected clients. WealthTek’s principal partner was later charged with multiple criminal offences. FCA enforcement chief Therese Chambers stressed that such failures enable criminals to operate unchecked, warning that banks must respond decisively when clear risks emerge.