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SOURCE OF INFORMATION : MINISTRY OF FINANCE - FINANCIAL INTELLIGENCE UNIT
PERIOD COVERED : 14-FEB-2013 TO 30-JUN-2024

NAMES IN BROWN COLOUR
Names of entities/persons in brown colour denote that the regulatory order is not against them but their names have been mentioned only for association purposes

COMPANIES: DIRECTED TO ADVISE TO IMPLEMENT STRINGENT PROCEDURES FOR SCREENING OF EMPLOYEES AS MANDATE BY RBI MASTER DIRECTION OF “KNOW YOUR CLIENTS”

S.No. ENTITY DIRECTORS/ PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person AXIS BANK LTD.  
  DID NOT INVESTIGATE AND CLOSE ALERTS BASED ON APPLICATION OF MIND

DID NOT ADDRESS ALERTS AND CLOSE THEM WITHIN REASONABLE PERIOD

DID NOT FILE SUSPICIOUS TRANSACTIONS REPORTS (STRS)

DID NOT PROPERLY VERIFY THAT ACCUSED WAS AUTHORIZED TO ACT ON BEHALF OF NATIONAL SECURITY GUARD (NSG)   		IMPOSED FINE RS.1,66,25,000

DIRECTED TO REVIEW ITS MECHANISM AND ENSURE THAT IMPROVEMENTS MADE TO ADDRESS THE OBSERVATION MADE IN SHOW CAUSE NOTICE RS.1,66,25,000

DIRECTED TO PROVIDE CERTIFICATION WITHIN NINETY DAYS UNDER SIGNATURE OF DESIGNATED DIRECTOR RS.1,66,25,000

DIRECTED TO PRIORITIZE PROMPT AND EFFICIENT RESPONSE TO REQUESTS FROM FIU-IND RS.1,66,25,000

DIRECTED TO ADVISE TO IMPLEMENT STRINGENT PROCEDURES FOR SCREENING OF EMPLOYEES AS MANDATE BY RBI MASTER DIRECTION OF “KNOW YOUR CLIENTS” RS.1,66,25,000

03-JUN-2024 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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