Canara Bank fined in UK for anti-money laundering breaches; blocked from accepting new deposits
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, the regulator said.
Britain`s markets regulator has fined the UK division of India`s Canara Bank 896,100 pounds ($1.2 million) and blocked it from accepting new deposits for around five months for systemic anti-money laundering (AML) failures. Image source: Reuters