Barclays Bank has been fined £42m by the UK's financial watchdog for failures in its money laundering risk management. The Financial Conduct Authority (FCA) said Barclays had not properly vetted two of its clients, Stunt & Co and WealthTek.

Britain's financial regulator fined Barclays 42 million pounds ($56 million) on Wednesday for failing to evaluate money laundering risks while providing services to its clients Stunt & Co and WealthTek.

It fined Barclays Bank £39.3m for “failing to adequately manage money laundering risks” related to providing banking services to Stunt & Co, the firm run by socialite James Stunt, the former son-in-law of Formula 1 tycoon Bernie Ecclestone, who was cleared of taking part in a £200m money laundering operation at Leeds Crown Court earlier this year.