Barclays Gets B*Slapped With a $298 Million Fine By US Regulators
These fines are starting to get silly. How much did Barclays make from these transactions? How much have they made off Lehman bits they salvaged from its corpse that our own government helped them digest? Why should they care about a bitch ass $300 million fine? I laugh in the general direction of regulators and am sure Barclays is right over my shoulder laughing too.
Law enforcement authorities in the US are set to levy a $298m (£190m) penalty on Barclays for breaking international sanctions by handling covert financial transactions involving banks in Cuba, Iran, Libya, Sudan and Burma.
Criminal charges filed in a federal court in Washington accused Barclays of stripping off identifying information from certain money transfer payments between 1995 and 2006 to disguise the fact that they involved institutions in countries barred from doing business with the US.
A deal to settle the case was due to be brought before a judge, Royce Lamberth, in the District of Columbia today. A law enforcement source said Barclays would pay $149m to the US government and a further $149m in a "deferred prosecution agreement" with New York's district attorney.
The arrangement would be in line with a provision disclosed in Barclays' half-year financial results this month which said the bank was setting aside £194m "in relation to the possible resolution of Barclays' compliance with US economic sanctions".
Yawn, someone wake me up when they start with the indictments.