Ballard Spahr LLP (LexBlog India)
Canara Bank of India Fined $1.2 Million by UK Regulators for Systemic AML Failures
Bank’s Alleged “Tick Box” Approach Failed to Attain Substantive AML Compliance Late last week, the Financial Conduct Authority (“FCA”), the United Kingdom’s financial services regulator, imposed a $1.2 million (896,100 pound) fine on the UK division of India’s Canara Bank, an Indian state-owned bank, and ordered a moratorium on new deposits for nearly five months. ...
As Digital Currency Spreads, So Does its Global Regulation: India and Australia Enter the Fray
As digital currency becomes more ubiquitous, state and federal regulators across the United States, as well as regulators in many other countries, are examining how existing regulatory structures need to be adapted to account for unique aspects of digital currency. News from both India and Australia reflect different approaches to the ever-evolving world of digital...