Canara Bank fined â¹8 cr in UK for money laundering breaches
The UK's Financial Conduct Authority has fined state-owned Canara Bank's UK division Â£896,100 (â¹8 crore) for breaching anti-money laundering laws. It has also prohibited the bank from accepting new deposits for nearly five months. The regulator said the control failures at the bank affected almost all levels of its business and governance structure, including senior management.