Farah: My family will struggle

Olympic gold medallist Mo Farah has told ITV News London that his extended family will struggle if Barclays goes ahead with plans to shut systems that allow money transfers to accounts in Somalia.

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Barclays comment on closure of transfer system

As a global bank, we must comply with the rules and regulations in all the jurisdictions in which we operate. The risk of financial crime is an important regulatory concern and we take our responsibilities in relation to this very seriously

It is recognised that some money service businesses don't have the proper checks in place to spot criminal activity and could unwittingly be facilitating money laundering and terrorist financing.

Abuse of their services can have significant negative consequences for society and for us as their bank.

We remain happy to serve companies who have strong anti-financial crime controls, but are asking the others to find another bank. This is solely about the company's controls, not where they send money to.

We are speaking with remittance industry bodies to support them in finding a solution for global remittances given the regulatory and financial crime pressures upon them. In the meantime, to assist customers find alternative banking services, we have given them double the normally permitted time, and are extending this where it is appropriate to do so.

Only a small number of money remitters we are not comfortable in banking have asked for an extension, and they have all been given more time to find another bank.


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