Barclays bank has been fined £72 million for "poor handling of financial crime risks" by the Financial Conduct Authority (FCA).
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.
@barclaysuk will hand over the £52.3 million it made + pay penalty of £19.7m - largest fine ever imposed for financial crime failings.
Former bosses at HBOS in the run up to its collapse could potentially be banned from working in financial services, after a damning report published today recommended that city watchdogs investigate taking further action.
UK exports could be boosted by £40 billion if transatlantic free trade deals could be agreed, according to the Government.Read the full story ›
Amber Rudd said all coal-fired power stations in Britain will close by 2025 - but new gas power stations will be built in their place.Read the full story ›
Around 60,000 people packed into Wembley Stadium for a rally led by Indian Prime Minister Narendra Modi.Read the full story ›
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 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.
Organisers are making last-minute preparations to Wembley Stadium ahead of Indian Prime Minister Narendra Modi's address to tens of thousands of supporters later today.
India's Prime Minister Narendra Modi arrived for a three-day trip to the UK today, with one of the first items on his agenda a meeting with David Cameron to announce £9 billion worth of new deals between the two counties.
The deal comes as countries compete to trade on the success of an Indian economy which is "booming as never before" and could see the nation soon become "the world's second largest".
ITV News correspondent Emma Murphy reports:
India's Prime Minister Narendra Modi has welcomed a "growing and vibrant partnership" with the UK today as it was announced that the two countries would be entering into £9 billion worth of deals together.
Not everyone was as optimistic about the deals though as protesters descended on Downing Street to accuse Modi of "stoking the fires of sectarianism" in his previous role as a governor in his country.
ITV News' International Affairs Editor Rageh Omaar reports: