LONDON—Barclays is being investigated by Britain's financial regulator for suspected failings in its compliance and anti-money laundering systems.
The Financial Conduct Authority (FCA) has requested an independent review of Barclays' systems last year after noting the number of anti-money laundering incidents, the Financial Times reported, citing people familiar with the matter.
The FCA wrote to the heads of Barclays' corporate banking and U.K. retail and wealth divisions requesting a "skilled persons review," or Section 166, the Financial Times said.
Section 166 usually involves hiring an independent firm that produces reports, potentially with recommendations for improvement.
Britain's authorities have in recent years tried to crack down on financial controls at the country's top banks, amid widespread criticism that London has become one of the world's biggest hubs for the movement of illicit funds, noted Reuters.
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