| S.No. |
ENTITY |
DIRECTORS/ PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 21 |
|
NAGRIK SAHAKARI BANK LTD.
|
|
|
DID NOT FILE FICN/CCRS UNDER RULE 3(1) (C) OF PML (MAINTENANCE OF RECORDS) RULES, 2005
DID NOT FURNISH INFORMATION CALLED FOR U/S 12A OF REVENTION OF MONEY LAUNDERING ACT, 2002
|
IMPOSED FINE RS.7,40,000
03-DEC-2019
|
|
| 22 |
|
|
NAINITAL BANK LTD.,THE
|
|
|
DID NOT UPDATE KNOW YOUR CLIENTS (KYC) AND ANTI-MONEY LAUNDERING (AML) POLICY
DID NOT FURNISH COMPLETE RESPONSE TO QUESTIONNAIRE FROM FIU-IND
DID NOT MATCH NAMES AND PROFILES OF CUSTOMERS WITH REQUISITE SANCTIONS LISTS AT THE TIME OF ONBOARDING
DID NOT CONSIDER ALL PARAMETERS OF RISK ASSESSMENT AND TO CARRY OUT UPDATION OF RISK CATEGORY ON TRANSACTIONAL AND OCCUPATIONAL BASIS
DID NOT FOLLOW REQUISITE PROCESS OF DETERMINATION OF ULTIMATE BENEFICIAL OWNERSHIP
DID NOT FORMULATE AND IMPLEMENT ENHANCED DUE DILIGENCE MEASURES TO VERIFY THE CLIENTS IDENTITY TAKING INTO CONSIDERATION TYPE OF CLIENT, BUSINESS RELATIONSHIP, NATURE AND VALUE OF TRANSACTIONS BASED ON THE OVERALL MONEY LAUNDERING AND TERRORIST FINANCING RISKS INVOLVED
DID NOT IMPLEMENT EFFECTIVE TRANSACTION MONITORING AND REPORTING SYSTEM TO ALERT GENERATION, UCIC ALLOTMENT AND AUTHENTICATION OF KYC DOCUMENTS
|
IMPOSED FINE RS.25,000
WARNED/DIRECTED TO PAY DUE RS.25,000
30-MAR-2022
|
|
| 23 |
|
|
PATAN CO-OPERATIVE BANK LTD.
|
|
|
DID NOT FILE CASH TRANSACTIONS REPORTS (CTRS)
DID NOT EVOLVE INTERNAL MECHANISM TO DETECT AND REPORT SUSPICIOUS TRANSACTIONS
|
IMPOSED FINE RS.25,000
DIRECTED TO ENSURE SUITABLE TRAINING IN AML/CFT FOR THE CONCERNED STAFF RS.25,000
13-SEP-2023
|
|
| 24 |
|
|
PAYTM PAYMENTS BANK LTD.
|
|
|
DID NOT PUT IN PLACE EFFECTIVE INTERNAL MECHANISM TO DETECT AND REPORT SUSPICIOUS TRANSACTIONS REPORTS (STRS)
DID NOT FILE SUSPICIOUS TRANSACTION REPORTS IN RESPECT OF THIRTY FOUR BENEFICIARY ACCOUNTS IN THE MANNER AND WITHIN TIMELINES
DID NOT EXERCISE ONGOING DUE DILIGENCE WITH RESPECT TO PAYOUT SERVICE
DID NOT EXERCISE ONGOING DUE DILIGENCE WITH REFERENCE TO THE ACCOUNTS OF THIRTY FOUR BENEFICIARIES WHICH RECEIVED PROCEEDS FROM THE PAYOUT ACCOUNTS
DID NOT SATISFY THE REQUIREMENTS WITH RESPECT TO RELIANCE ON THIRD-PARTY KYC BY RELYING ON A NON-COMPLIANT/UNREGULATED ENTITY
|
IMPOSED FINE RS.5,49,00,000
01-MAR-2024
|
|
| 25 |
|
|
PRIME CO-OPERATIVE BANK LTD.
|
|
|
DID NOT EVOLVE AND IMPLEMENT INTERNAL MECHANISM TO REPORT SUSPICIOUS TRANSACTIONS VIOLATING SECTION 12 OF PREVENTION OF MONEY LAUNDERING ACT, 2002 READ WITH RULES 3, 5, 7 AND 8 OF PML (MAINTENANCE OF RECORDS) RULES, 2005
DID NOT FILR CTRS AND NTRS WITHIN TIMELINE VIOLATING SECTION 12 OF PREVENTION OF MONEY LAUNDERING ACT, 2002 READ WITH RULES 3, 5, 7 AND 8 OF PML (MAINTENANCE OF RECORDS) RULES, 2005
DID NOT SUBMIT CORRECT DATA TO FIU-IND
|
IMPOSED FINE RS.3,90,000
17-JUL-2019
|
|
| 26 |
|
|
PUNJAB NATIONAL BANK
|
|
|
DID NOT FILE CERTAIN THRESHOLD BASED REPORTS VIOLATING SECTIONS 12 AND 12A OF PREVENTION OF MONEY LAUNDERING ACT, 2002 READ WITH RULES 3 AND 7 OF PML (MAINTENANCE OF RECORDS) RULES, 2005
DID NOT IMPLEMENT EFFECTIVE INTERNAL MECHANISM TO FILE THRESHOLD BASED REPORTS ACCURATELY AND/OR WITHIN TIMELINE VIOLATING SECTION SECTIONS 12 AND 12A OF PREVENTION OF MONEY LAUNDERING ACT, 2002 READ WITH RULES 3 AND 7 OF PML (MAINTENANCE OF RECORDS) RULES, 2005
DID NOT IMPLEMENT EFFECTIVE INTERNAL MECHANISM TO FILE THRESHOLD BASED REPORTS AND SUSPICIOUS TRANSACTIONS REPORTS TIMELY AND ACCURATELY VIOLATING SECTION SECTIONS 12 AND 12A OF PREVENTION OF MONEY LAUNDERING ACT, 2002 READ WITH RULES 3 AND 7 OF PML (MAINTENANCE OF RECORDS) RULES, 2005
DID NOT SUBMIT CORRECT DATA TO FIU-IND
|
IMPOSED FINE RS.15,62,90,000
29-JUL-2019
|
|
| 27 |
|
|
RDA HOLDINGS PVT.LTD.
|
|
|
DID NOT INFORM AND REGISTER ITSELF WITH CHANGE IN NAME OF THE COMPANY
DID NOT APPOINT DESIGNATED DIRECTOR AND PRINCIPAL OFFICER AS REQUIRED UNDER RULE OF 7(1) PML (MAINTENANCE OF RECORDS) RULES, 2005
|
DIRECTED TO PUT IN PLACE AND ADOPT SUITABLE AML/CFT POLICY AS WELL AS ROBUST MECHANISM FOR RISK ASSESSMENT WITH REGARD TO AML/CFT
DIRECTED TO CONDUCT AUDIT BY EXTERNAL AGENCY OF THE PROCESSES PUT IN PLACE BY REPORTING ENTITY TO RAISE/PROCESS/INVESTIGATE/CLOSE ALERTS
DIRECTED TO ENSURE AML STAFF ADEQUATELY TRAINED TO MONITOR FOR NEW AND EMERGING TYPES OF CRIME FROM THE PERSPECTIVE OF ‘PROCEEDS OF CRIME’ INCLUDING REFERENCE TO ORDERS/QUERIES/REPORTS RELATING TO REGULATORY AND LAW ENFORCEMENT ACTIONS
DIRECTED TO FILE CERTIFICATION UNDER SIGNATURE OF DESIGNATED DIRECTOR AND PRINCIPAL OFFICER THAT DIRECTED MEASURES WOULD BE IMPLEMENTED WITHIN THE PERIOD PRESCRIBED
12-JAN-2024
|
|
| 28 |
|
|
SATANA MERCHANTS' CO-OPERATIVE BANK LTD.
|
|
|
DID NOT FILE CASH TRANSACTIONS REPORTS (CTRS)
DID NOT EVOLVE INTERNAL MECHANISM TO DETECT AND REPORT SUSPICIOUS TRANSACTIONS
|
IMPOSED FINE RS.25,000
DIRECTED TO ENSURE SUITABLE TRAINING IN AML/CFT FOR THE CONCERNED STAFF RS.25,000
18-SEP-2023
|
|
| 29 |
|
|
SHRI RENUKAMATA MULTISTATE CO-OPERATIVE URBAN CREDIT SOCIETY LTD.
|
|
|
DID NOT FURNISH COMPLETE RESPONSE TO QUESTIONNAIRE FROM FIU-IND
|
IMPOSED FINE RS.25,000
22-FEB-2022
|
|
| 30 |
|
|
SHRIRAM CITY UNION FINANCE LTD.
|
|
|
DID NOT EVOLVE INTERNAL MECHANISM TO DETECT AND REPORT SUSPICIOUS TRANSACTIONS
DID NOT UNDERTAKE RISK CATEGORIZATION OF CUSTOMERS TO CONDUCT PERIODICAL REVIEW VIOLATING PML (MAINTENANCE OF RECORDS) RULES, 2005
DID NOT IDENTIFY AND VERIFY BENEFICIAL OWNER VIOLATING PML (MAINTENANCE OF RECORDS) RULES, 2005
|
IMPOSED FINE RS.4,50,000
04-DEC-2020
|
|
| 31 |
|
|
SUNDARAM FINANCE LTD.
|
|
|
DID NOT EVOLVE INTERNAL MECHANISM TO DETECT AND REPORT SUSPICIOUS TRANSACTIONS
DID NOT FULLY IMPLEMENT CLIENT DUE DILIGENCE PROGRAMME SPECIFICALLY REGARD TO SCREENING NAMES OF PROSPECTIVE CUSTOMERS/BORROWERS IN THE LATEST UNSC SANCTIONS LIST AND SUCH OTHER LISTS VIOLATING PML (MAINTENANCE OF RECORDS) RULES, 2005
DID NOT VERIFY IDENTIFY OF ITS CLIENTS SPECIFICALLY BY NON-VERIFICATION OF KYC DOCUMENTS WITH ORIGINALS VIOLATING PML (MAINTENANCE OF RECORDS) RULES, 2005
|
IMPOSED FINE RS.3,00,000
27-OCT-2020
|
|
| 32 |
|
|
UNION BANK OF INDIA
|
|
|
DID NOT REPORT SUSPICIOUS TRANSACTIONS IN RESPECT OF ACCOUNT AND SEVERAL ALERTED TRANSACTIONS
DID NOT CARRY OUT ONGOING DUE DILIGENCE AND TO EXAMINE TRANSACTIONS TO ENSURE THAT THEY ARE CONSISTENT WITH THE KNOWLEDGE OF CLIENT, BUSINESS, RISK PROFILE AND SOURCE OF FUNDS
DID NOT REVIEW DUE DILIGENCE MEASURES INCLUDING VERIFYING AGAIN IDENTIFY OF THE CLIENTS AND OBTAINING INFORMATION ON PURPOSE AND INTENDED NATURE OF BUSINESS RELATIONSHIP
DID NOT CONDUCT CLIENT DUE DILIGENCE OF EXISTING CLIENTS BASED ON MATERIALITY AND RISK
DID NOT EVOLVE INTERNAL MECHANISM TO DETECT AND REPORT SUSPICIOUS TRANSACTIONS
|
IMPOSED FINE RS.54,00,000
DIRECTED TO UNDERTAKE COMPREHENSIVE REVIEW OF ITS DUE DILIGENCE PROCEDURES RS.54,00,000
DIRECTED TO REASSESS ITS INTERNAL MECHANISM AND TRANSACTION MONITORING APPROACH RS.54,00,000
01-OCT-2024
|
|
| 33 |
|
|
UTKAL CO-OPERATIVE BANK LTD.,THE
|
|
|
DID NOT FILE SUSPICIOUS TRANSACTIONS REPORTS VIOLATING RULES 3(1)(A), 3(1)(B), 7(2) AND 7(4) OF PREVENTION OF PML (MAINTENANCE OF RECORDS) RULES, 2005
DID NOT DO KYC AND ONGOING DUE DILIGENCE VIOLATING SECTION 12 OF PML ACT, 2002 READ WITH RULE 9(1) OF PML (MAINTENANCE OF RECORDS) RULES, 2005
|
IMPOSED FINE RS.8,00,000
27-OCT-2020
|
|
| 34 |
|
|
VIKRAMADITYA NAGARIK SAHAKARI BANK MARYADIT
|
|
|
DID NOT EVOLVE INTERNAL MECHANISM TO DETECT AND REPORT SUSPICIOUS TRANSACTIONS
DID NOT EVOLVE INTERNAL MECHANISM TO CLASSIFY APPLICABLE/ELIGIBLE NPO ACCOUNTS AND FLAGGING THE SAME FOR IDENTIFICATION, DETECTION, MONITORING AND REPORTING OF ALL TRANSACTIONS INVOLVING RECEIPTS BY NPOS
DID NOT EVOLVE INTERNAL MECHANISM TO IDENTIFY AND VERIFY ULTIMATE BENEFICIAL OWNERSHIP OF TRUSTS, LEGAL PERSONS, LEGAL ENTITIES AND SIMILAR OTHER CUSTOMERS
|
IMPOSED FINE RS.3,00,000
WARNED/DIRECTED TO PAY DUE RS.3,00,000
09-NOV-2022
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
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