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SOURCE OF INFORMATION : MINISTRY OF FINANCE - FINANCIAL INTELLIGENCE UNIT
PERIOD COVERED : 14-FEB-2013 TO 31-OCT-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: DID NOT EXERCISE DUE SKILL,CARE & DILIGENCE

S.No. ENTITY DIRECTORS/ PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person HONGKONG & SHANGHAI BANKING CORP.LTD.,THE  
  IMPROPERLY CLOSED THE ALERTS GENERATED IN THE ACCOUNTS OF THE RESPECTIVE ENTITIES

MISREPORTED FIGURES IN RELATION TO CERTAIN CROSS BORDER WIRE TRANSFER REPORTS (CBWTRS) WITH FIU-IND

DID NOT EVOLVE INTERNAL MECHANISM TO DETECT AND REPORT SUSPICIOUS TRANSACTIONS

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 EXERCISE ONGOING DUE DILIGENCE MEASURES IN RELATION TO CERTAIN ACCOUNTS BELONGING TO CONCERNED ENTITIES WITH PARTICULAR REFERENCE TO BUSINESS RELATIONSHIP WITH CONCERNED ENTITY   		IMPOSED FINE RS.2,06,75,000

31-OCT-2022 		 
2
History of entity/person 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 		 
3
History of entity/person SHRI VINAYAK SAHAKARI BANK LTD.  
  DID NOT EXERCISE DUE DILIGENCE AT THE TIME OF OPENING LOCKER ACCOUNTS VIOLATING RULE 9(1) OF PML (MAINTENANCE OF RECORDS) RULES, 2005   IMPOSED FINE RS.1,00,000

03-MAR-2020 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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