Barclays Probes Alleged Money Laundering at South Africa Arm
March 1, 2016
Barclays Plc identified potential money laundering linked to currency transactions at its business in South Africa, where the British lender plans to wind down its investment.
Absa Bank Ltd., the South African subsidiary of Barclays Africa Group Ltd., “has identified potentially fraudulent activity by certain of its customers using import advance payments to effect foreign-exchange transfers from South Africa to beneficiary accounts located in Asia, the U.K., Europe and the U.S.,” the London-based bank said in its annual report on Tuesday.
“The group is conducting a review of relevant activity, processes, systems and controls” and has made regulators aware of the of the suspected wrongdoing, Barclays said.