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Financial Crime either has money as its objective (e.g. money laundering) or needs money to achieve its objective (e.g. terrorist financing). To succeed, these monies need to flow through a banking or financial institution, such as Barclays, meaning that our clients can be a target.
The threat of Financial Crime is a very real and present danger to our communities, for example, it is estimated that globally:
Governments around the globe have charged all banking and financial institutions with the responsibility for driving down Financial Crime. Through our Know Your Customer processes we can help prevent criminals from accessing and utilising your accounts in the pursuit of unlawful gain. How do we do this? By understanding you, the parties you have dealings with, the nature of your business and the Barclays products and services you use, we can assess the potential exposure to financial crime risk and help you avoid it.
The implications of Financial Crime, or the failure to prevent it, can be severe for both Barclays and our clients.
At Barclays we take Financial Crime prevention very seriously. Mitigating the associated risks is a key priority for us – it is our regulatory responsibility which is why we have policies in place to mitigate the risk of Financial Crime, namely: Anti Money Laundering, Sanctions, Anti Bribery & Corruption as well as Introducer Policies.
We have produced various factsheets and guides to help you understand Barclays’ regulatory responsibilities and our due diligence requirements which we hope you will find useful.
1United Nations Office on Drugs and Crime website – February 2016.
2World Bank website – February 2016.
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