Canara Bank fined and restricted: AML failings were led by seconded managers

The Financial Conduct Authority has fined Canara Bank, which is headquartered in Bangalore, £896,100 and also barred it from accepting new depositors for 147 days. This is because of “consistent failure to implement adequate AML systems and controls throughout Canara” ... “These failings were endemic throughout Canara’s UK operations, affecting almost all aspects of its business and suggested that Canara may not be fit and proper,” said the regulator.