FCA in a notice said it has imposed a penalty of 896,100 pounds on the bank and restricted it from accepting deposits from new customers for 147 days.
Updated:June 6, 2018, 7:20 PM IST
Canara Bank had clocked a net profit of Rs 214.18 crore in the corresponding January-March quarter of preceding fiscal 2016-17. (File photo)
Meanwhile, 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”.
FCA in a notice said it has imposed a penalty of 896,100 pounds on the bank and restricted it from accepting deposits from new customers for 147 days.
“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.
The regulator further said it has reduced the penalty by 30 per cent as Canara Bank agreed to settle at an early stage of FCA’s probe.
Were it not for this discount, FCA would have imposed a penalty of 1,280,175 pounds, and restriction on deposit taking to 210 days.
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Source: News18