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UK watchdog fines Barclays for failing to minimise financial crime risks

LONDON, Nov 26 (Reuters) - Britain's markets watchdog said on Thursday it has fined Barclays (LSE: BARC.L - news) 72 million pounds ($108.6 million) for failing to minimise the risk that it might be used to aid financial crime.

The Financial Conduct Authority said the failings relate to a 1.88 billion pound transaction that Barclays arranged and executed in 2011 and 2012 for a number of ultra-high net worth clients.

"The clients involved were politically exposed persons and should therefore have been subject to enhanced levels of due diligence and monitoring by Barclays," the FCA said in a statement.

"Barclays did not follow its standard procedures, preferring instead to take on the clients as quickly as possible and thereby generated 52.3 million in revenue," the FCA said.

($1 = 0.6630 pounds) (Reporting by Huw Jones. Editing by Jane Merriman)