March 18, 2016
Wafic Saïd, the Syrian-born businessman and philanthropist, is considering legal action against Barclays after his former bank cut ties with him amid an anti-money laundering clampdown by regulators. The British bank wrote to the 76-year-old billionaire late last year telling him it no longer wanted him, his family, or his charitable foundation as clients and giving them three months to find a different lender.
As regulatory burdens on banks have increased, many lenders have severed their ties with clients that have links to developing nations to reduce the risk of fines for any potential breach of sanctions or anti-money laundering rules. Critics say this carries an unintended humanitarian cost by adding charities and non-governmental organisations to the ranks of the “de-banked”.
Barclays said it did not comment on individual clients. But a person familiar with the bank said the decision to “exit” Mr Said was part of its regular anti-money laundering procedures that were decided on a case-by-case basis and not part of any wider ejection of clients.