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.

Barclays ( NYSE: BCS) has been fined £42 million ($56 million) for failing to properly assess financial crime risks involving two clients. Most of the penalty stems from the bank’s inadequate handling of money laundering risks linked to Stunt & Co., regulators said Wednesday.