New Delhi: The UK financial sector regulator FCA on Wednesday imposed a fine of 896,100 pounds (about Rs 8 crore) on the London branch of Canara Bank and also stopped it from accepting deposits for nearly 5 months for not adhering to anti-money laundering (AML) regulations. The bank in a BSE filing said Financial Conduct Authority (FCA) “acknowledges that senior management at Canara Bank have fully cooperated and engaged with FCA’s investigation and that the firm’s substantive AML deficiencies now have been rectified”.
“The reason for this action is because Canara Bank breached Principle 3 (management and control- a firm must take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems) between November 26, 2012 and January 29, 2016,” FCA said.