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Barclays pays penalty for withdrawing US$14.1 million from its client account without authorisation, fails to return the client monies within stipulated time

Barclays has paid a penalty of US$80,000 to ASIC for erroneously withdrawing AUD13.8 million (US$14.1 million) of client monies from the Barclays’ Client Segregated Account without authorisation on 27 January 2011, and further failing to return the client monies for five business days. On 25 January 2011, a representative of Barclays’ London operations department requested in an email to Barclays’ Sydney…

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