MAY 20, 2016
Barclays is investigating claims made by its former chief risk officer in France that managers ignored potential anti-money laundering failures at some of its French branches, a person familiar with the case has told Business Insider.
Philippe Hebert sent a letter to his boss, Barclays France CEO Tony Blanco, last month informing him that large cash withdrawals weren’t flagged and that “lines of defence” against money laundering were failing to catch potential problems.
Hebert revealed that one client made 38 withdrawals at just below the €10,000 ($11,200 or £7,700) limit in the bank’s Biarritz branch, and said that “negligence or complicity” from management allowed breaches to go unpunished. Banks are required to investigate withdrawals of €10,000 or more.