It fined Barclays Bank £39.3m for “failing to adequately manage money laundering risks” related to providing banking services to Stunt & Co, the firm run by socialite James Stunt, the former son-in-law of Formula 1 tycoon Bernie Ecclestone, who was cleared of taking part in a £200m money laundering operation at Leeds Crown Court earlier this year.

The U.K. bank has been fined for lapses in dealings with risky customers, including a client tied to one of Britain’s biggest money-laundering cases.

Barclays Bank has been fined £42m by the UK's financial watchdog for failures in its money laundering risk management. The Financial Conduct Authority (FCA) said Barclays had not properly vetted two of its clients, Stunt & Co and WealthTek.