Kenneth Rijock

Kenneth Rijock

Friday, June 8, 2018

READ FCA FINAL NOTICE ON CANARA BANK UK BRANCH DETAILING AML FAILURES



While many compliace officers have already read the media reports about the civil fine and penalty imposed upon the UK branch of India's Canara Bank, for rampant AML shortcomings, you will only understand the situation, where the FCA detailed the failures, by reading the 44-page report. From the placement of compliance officers from India who did not fully understand UK compliance, to the utter failure to control PEPs, the bank's management failed to reform its program, even after the regulator pointed them out, years earlier.

More damaging than the equivalent of a million dollar fine (in Sterling) is the FCA ban on the bank accepting any new customers for an extended period of time.

You can review the complete text of the Final Notice here.

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