3rd May 2016 05:56
LONDON (Alliance News) - Barclays PLC is facing allegations of money laundering risk and mis-selling failures at its French operations, The Financial Times reported.
The report cited a letter dated April 5 from Philippe Hebert, chief risk officer of Barclays France, to Tony Blanco, chief executive of Barclays France.
"I am following up the message I sent you on March 3, regarding serious mismanagement at cashier level and the particularly poor handling of this situation by the various control services and lines of defence, even though it carries serious risks of money laundering, especially at branches already known to be at risk (such as Biarritz)," Hebert wrote in the letter.
Barclays said to the FT in a statement: "We were already aware of these allegations. We are satisfied that the concerns were already identified and under investigation and action being taken in accordance with our standard processes. All relevant parties are aware."
Barclays last week said it had entered into exclusive talks with AnaCap Financial Partners over the sale of its French retail banking operations, including its network of 74 branches, life insurance business, and wealth and investment management operations.
AnaCap declined to comment to the FT. The report said the private equity firm had been aware of the letter's contents, citing two people familiar with the matter.
http://www.ft.com/cms/s/0/981b083e-1054-11e6-839f-2922947098f0.html#axzz47ZKWNlEA
By Samuel Agini; [email protected]; @samuelagini
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