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 FCA said Barclays "facilitated the movement of funds linked to financial crime" by providing services to Stunt & Co and said there was "an increased risk" of client money misappropriation or money laundering from its failure to check WealthTek.

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.