Company: BCS
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0000312069-25-000114
Chunk: 694

Company: BARCLAYS PLC
Filing Date: 2025-02-13
Form: 20-F
Chunk 694
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 processed indirect payments from various UK-based offices of Iranian SDNs, Government of Iran-owned entities, and SDNs designated pursuant to the GTSR (the “entities”). The payments were for general business expenses, including rent, salary payments, tax payments, office maintenance, utility payments, and business travel expenses. A UK accounting firm remitted the payments on behalf of the entities, and all the payments were processed in accordance with applicable laws and regulations. Barclays attributed revenue of approximately GBP 70 in 2024 in relation to this activity. In 2023, Barclays exited three customers in the UK. Barclays held the funds from the accounts of these customers in internal accounts whilst awaiting disposal instructions. However, in 2024, before the former customers provided disposal instructions, two of the former customers were designated as SDNs pursuant to the GTSR. The third former customer was controlled by one of the SDNs. Barclays froze these funds in internal accounts in accordance with applicable laws and regulations. Barclays attributed revenue of approximately GBP 5 in relation to this activity. In 2024, a Barclays customer who held two credit facilities in Germany was designated as an SDN pursuant to the WMDPSR. Barclays blocked the credit facilities, exited the relationship, and wrote off the outstanding debt. Barclays attributed no revenue in 2024 in relation to this activity. In 2024, a cardholder of a corporate credit card issued by Barclays to a customer in the UK was designated as an SDN pursuant to the GTSR. Barclays blocked the credit card and exited the customer relationship. Several transactions were processed after the cardholder was designated, but before Barclays had identified the match. Barclays attributed revenue of approximately GBP 30 in 2024 in relation to this activity. In 2024, Barclays identified that a customer in the UK had been designated as an SDN pursuant to the WMDPSR in 2021. The customer had an account that was closed in July 2021 and a corporate credit card that was closed in July 2022. A number of payments were made using the credit card, and one payment was made on the account, after the customer was designated, but before Barclays had identified the match. Barclays attributed revenue of approximately GBP 1,340 in 2021 and 2022 in relation to this activity. Frozen Accounts Barclays, and several Barclays customers, continue to hold funds belonging to various SDNs and Government of Iran-owned entities in internal blocked and sundry accounts, some of which are interest bearing.