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Barclays France Doing A Pretty Poor Job At Compliance, Says Guy In Charge Of Barclays France's Compliance

Philippe Hébert see a lot of room for improvement.
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Just a little constructive criticism, but money-laundering, for example, is something everyone might want to consider doing a better job preventing. If you're into that sort of thing.

The Financial Times has seen a letter dated April 5 from Philippe Hébert, chief risk officer of Barclays France, to Tony Blanco, chief executive of Barclays France, alleging serious shortfalls in the bank’s standards of controls, compliance and conduct. Mr Hébert says: “I am following up the message I sent you on March 3, regarding serious mismanagement at cashier level and the particularly poor handling of this situation by the various control services and lines of defence, even though it carries serious risks of money laundering, especially at branches already known to be at risk (such as Biarritz).” The letter cites several cases of suspicious activity that Mr Hébert claims the bank has failed to take seriously enough. These include unusually high levels of repeated, large cash withdrawals by customers of just below the €10,000 limit at its Biarritz branch — on 38 occasions by one client — and the detention of staff in its Nantes branch by police on suspicion of money laundering.

Barclays’ risk officer in France alleges laundering and mis-selling failures [FT]


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