Reported by: Reuters

LONDON (Reuters) -Britain’s financial regulator is investigating Barclays PLC for suspected failings in its compliance and anti-money laundering systems, the Financial Times reported on Friday.

The Financial Conduct Authority (FCA) requested an independent review of Barclays’ systems last year after noting the number of anti-money laundering incidents, the newspaper reported, citing people familiar with the matter.

The FCA wrote to the heads of Barclays’ corporate banking and UK retail and wealth divisions requesting a “skilled persons review”, or Section 166, the newspaper said.

Section 166 usually involves hiring an independent firm that produces reports, potentially with recommendations for improvement.

Read full report: https://ca.finance.yahoo.com/news/uk-regulator-probes-barclays-over-052245000.html