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Canara Bank Fined in the UK for Anti-Money Laundering Breaches
June 07, 2018
The UK division of Canara Bank has been fined £896,100 ($1.2 million) by the country’s market regulator for failing to maintain “adequate” anti-money laundering controls. It’s also been barred from accepting new deposits for 5 months.
The control failures of the bank’s UK division have affected all levels of its business including senior management, the Financial Conduct Authority (FCA) said. It said that the bank failed to remediate the risk management and governance framework despite being provided with several warnings since 2012.
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