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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: DIRECTED TO UNDERTAKE COMPREHENSIVE REVIEW OF ITS DUE DILIGENCE PROCEDURES

S.No. ENTITY DIRECTORS/ PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person 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 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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