UK FCA imposes penalty on Canara Bank

Canara Bank announced that the Financial Conduct Authority - UK has fined Canara Bank, London Branch GBP 896,100 and has imposed a restriction, preventing it from accepting deposits from new customers for 147 days.

The FCA acknowledges that senior management at Canara Bank have fully co-operated and engaged with the FCA's investigation and that the firm's substantive AML deficiencies now have been rectified.

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