As legal advisors we always make it clear to our clients the importance of having in place standard documents and policies to govern their business.
This case also highlights the importance of following those polices and procedures.
Barclays has been hit with a record £72m penalty by the UK financial watchdog because it “ignored its own process” when handling a £1.9bn transaction for a group of wealthy and politically connected customers. The Financial Conduct Authority said on Thursday that Barclays “went to unacceptable lengths to accommodate the clients” and failed to carry out adequate checks on the deal. As a result, it “failed to minimise the risk that it may be used to facilitate financial crime”.