Barclays has disclosed in annual results announcements, annual reports and accounts and Forms 20-F and other publicly available filings since 2007 that it has been conducting an internal review of its conduct with respect to US Dollar payments made between 1 January 2000 and 31 July 2007 involving countries, persons and entities subject to US economic sanctions and that it has been reporting the results of that review to the US Authorities.
Barclays has announced today that it has reached settlements with the United States Department of Justice, the Manhattan District Attorney’s Office, and the US Department Of Treasury’s Office of Foreign Assets Control (“OFAC”) (together the “US Authorities”) in relation to the investigation by those agencies into compliance with US sanctions and US dollar payment practices. In addition, an Order to Cease and Desist has been issued upon consent by the Federal Reserve Bank of New York and the New York State Banking Department.
Barclays has agreed to pay a total penalty of US$298 million and has entered into Deferred Prosecution Agreements covering a period of 24 months.
In conducting this investigation, Barclays worked closely and constructively with the US Authorities. The US Authorities have recognised Barclays substantial cooperation in the resolution.
Barclays is committed to the highest levels of integrity and regulatory compliance across all of its operations. Barclays has taken significant steps to enhance further its compliance programmes including:
- Substantial investment in market-leading payment and customer screening technology; and
- The delivery of mandatory sanctions training for more than 100,000 staff around the world.
We have fully briefed other relevant regulators on this settlement. The Deferred Prosecution Agreements means that no further action will be taken against Barclays by the US Authorities if, as is Barclays intention, for the duration of the defined period it meets the conditions set down in its agreements with the US Authorities. Barclays does not anticipate any further regulatory actions relating to these issues.
Barclays is an international financial services provider engaged in personal banking, credit cards, corporate and investment banking and wealth management with an extensive presence in Europe, the Americas, Africa and Asia. Barclays’ purpose is to help people achieve their ambitions – in the right way.
With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs approximately 140,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.
For further information about Barclays, please visit our website www.barclays.com.