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Barclays fined £72m for 'poor handling of crime risks'

Barclays bank has been fined £72 million for "poor handling of financial crime risks" by the Financial Conduct Authority (FCA).

Barclays has been fined £72m Credit: PA

The fine relates to a £1.88 billion deal arranged by the company in 2011 and 2012, involving a number of "ultra-high-net-worth" and "politically exposed" clients.

The transaction - the largest of its kind executed for individuals in Barclays' history - involved investments in notes backed by underlying warrants and third-party bonds.

The FCA found that Barclays did not apply its usual standards of care and diligence in making the appropriate checks and requesting the necessary information.

Barclays went to unacceptable lengths to accommodate the clients. Specifically, Barclays did not obtain information that it was required to obtain from the clients to comply with financial crime requirements.

Barclays did not do so because it did not wish to inconvenience the clients.

– FCA statement


Queen and Modi exchange gifts at Buckingham Palace

The Queen and the Indian Prime Minister shake hands at Buckingham Palace. Credit: Reuters

The Queen and the Prime Minister of India have exchanged gifts after the pair had lunch at Buckingham Palace.

Narendra Modi was presented with a silver dish and signed photographs of the Queen and the Duke of Edinburgh.

Mr Modi gave the Queen photographs of her visit to India in 1961 and a gift box including Darjeeling tea, organic honey and silk Tanchoi scarves.

Mr Modi gave the Queen photographs of her visit to India in 1961.

Mr Modi was also shown a collection of items from the Palace's stores including a shawl given to the Queen by Gandhi in 1947 as a wedding present.

It comes as Kensington Palace announced the Duke and Duchess of Cambridge will go on a tour of India next Spring. It will be the couple's first visit to the country.

The Queen and Modi view items from the Royal Collection at Buckingham Palace Credit: Reuters
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