The Trader 

Market Outlook: FCA blocks new deposits

The Trader

The UK regulator, the Financial Services Authority, fined Indian state-owned bank Canara £896,000 for failing to comply with anti-money laundering rules in its London office.  Between 26 November 2012 and 29 January 2016 their systems were inadequate despite the FCA flagging issues to it, reports City AM.  What is more unusual is that for the next 5 months it cannot accept deposits from new customers.  Because the bank agreed to resolve the case they got off lightly, with a 30 per cent discount on the fine.

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