Canara Bank violated AML Laws in UK, Fined by FCAsteemCreated with Sketch.

in #compliance • 6 years ago


Britain's markets regulator has fined the UK division of Canara Bank 896,100 pounds (USD 1.2 million) and blocked it from accepting new deposits for around five months for systemic anti-money laundering (AML) failures.

The Financial Conduct Authority (FCA) said on Wednesday that the control failures at the UK division of Canara Bank, India's fifth largest state-run lender by assets, affected almost all levels of its business and governance structure.

The bank had seconded staff from its head office in India to fill senior management positions in the UK who did not properly understand British legal and regulatory AML requirements, leading to a "consistent failure" to implement adequate systems and controls

6 years ago in #compliance by
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