BANKING giant Barclays has been fined £42 million over its “poor handling” of money laundering risks.

The Financial Conduct Authority (FCA) said today the fines relate to failings linked to the WealthTek and Stunt & Co businesses.

It fined Barclays Bank £39.3m for “failing to adequately manage money laundering risks” connected to its services to Stunt & Co, the firm run by socialite James Stunt.

Barclays “did not gather enough information” when starting its relationship with the business and did not carry out “proper” ongoing monitoring, the FCA said.

Between 2014 and 2016, Stunt & Co received £46.8m from Fowler Oldfield, a “multimillion-pound money laundering operation.”

The FCA said Barclays had ignored money laundering risks “even after receiving information from law enforcement” and news that police had raided both firms.

In March, Mr Stunt was cleared of taking part in a £200m laundering plot.

Barclays Bank UK was separately fined £3.1m for failing to properly assess money laundering risk before opening a client account for WealthTek, which later collapsed.

Therese Chambers of the FCA said: “Banks need to take responsibility and act promptly, particularly when obvious risks are brought to their attention.

The bank also faces protests for its investments in weapons manufacturers involved in Israel’s genocide in Gaza.

A Barclays spokeswoman said the bank “remains deeply committed to the fight against financial crime and fraud.”