SOURCE OF INFORMATION : MINISTRY OF FINANCE - FINANCIAL INTELLIGENCE UNIT
PERIOD COVERED : 14-FEB-2013 TO 30-JUN-2025

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: DEFAULTED IN SETTING UP ADEQUATE MECHANISM TO REPORT REQUIRED INFORMATION

S.No.

ENTITY

DIRECTORS/ PERSONS

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

ALLAHABAD BANK

DID NOT EVOLVE INTERNAL MECHANISM TO REPORT INTEGRALLY CONNECTED TRANSACTIONS

IMPOSED FINE RS.3,00,000

19-OCT-2015

NOT APPEARING IN THE LIST DATED 30-JUN-2018

ALLAHABAD BANK

DID NOT MAKE DISCLOSURE OF MATERIAL FACT IN A FINANCIAL STATEMENT VIOLATING SECTION 22 (NO 38 OF 1949) READ WITH CLAUSE 5 OF PART I OF SECOND SCHEDULE OF CHARTERED ACCOUNTANTS ACT, 1949 IN MATTER OF OF IL&FS FINANCIAL SERVICES LTD.

DID NOT EVOLVE INTERNAL MECHANISM TO FURNISH INFORMATION OF CASH TRANSACTIONS

IMPOSED FINE RS.3,00,000

31-DEC-2013

APPELLATE TRIBUNAL, PREVENTION OF MONEY LAUNDERING ACT AT NEW DELHI VIDE ITS ORDER DATED 09/07/2015 DISMISSED THE APPEAL. NO COSTS

ALLAHABAD BANK

DID NOT EVOLVE INTERNAL MECHANISM TO DETECT AND REPORT SUSPICIOUS TRANSACTIONS

IMPOSED FINE RS.5,10,000

05-FEB-2014

NOT APPEARING IN THE LIST DATED 30-JUN-2018

ANDHRA BANK

DID NOT FILE REPORTS OF SUSPICIOUS TRANSACTION WITH COMPLETE AND ACCURATE DETAILS AS REQUIRED VIDE FIU-IND LETTER DATED 12/12/2018 VIOLATING SECTIONS 12(1) (A) AND (B) OF PREVENTION OF MONEY LAUNDERING ACT,2002 READ WITH RULE 2(1) (G), 3(1) (D), 5 AND 7(3) OF PML (MAINTENANCE OF RECORDS) RULES, 2005

DID NOT HAVE EFFECTIVE INTERNAL MECHANISM TO DETECT ALL SUSPICIOUS TRANSACTIONS VIOLATING SECTIONS 12(1) (A) AND (B) OF PREVENTION OF MONEY LAUNDERING ACT,2002 READ WITH RULE 2(1) (G), 3(1) (D), 5 AND 7(3) OF PML (MAINTENANCE OF RECORDS) RULES, 2005

IMPOSED FINE RS.14,00,000

22-MAY-2019

AXIS BANK LTD.

DID NOT REPORT CASH TRANSACTIONS AND/OR DELAY IN REPORTING CASH TRANSACTIONS REPORT

DID NOT EVOLVE INTERNAL MECHANISM TO DETECT AND REPORT SUSPICIOUS TRANSACTIONS

IMPOSED FINE RS.2,64,30,000

13-APR-2016

NOT APPEARING IN THE LIST DATED 30-JUN-2018

AXIS BANK LTD.

DID NOT EVOLVE INTERNAL MECHANISM TO REPORT INTEGRALLY CONNECTED TRANSACTIONS

IMPOSED FINE RS.13,00,000

23-MAR-2015

NOT APPEARING IN THE LIST DATED 30-JUN-2018

BAJAJ FINANCE LTD.

DID NOT FURNISH COMPLETE RESPONSE TO QUESTIONNAIRE FROM FIU-IND

DID NOT CARRY OUT KNOW YOUR CLIENTS (KYC) UPDATION BASED ON PERIODIC RISK ASSESSMENT

DID NOT CARRY OUT DETERMINATION OF ULTIMATE BENEFICIAL OWNERSHIP

DID NOT CARRY OUT PRODUCT RISK ASSESSMENT AND TO PERFORM ENHANCED DUE DILIGENCE FOR CUSTOMERS

DID NOT FILE SUSPICIOUS TRANSACTIONS REPORTS (STRS)

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

IMPOSED FINE RS.3,00,000

WARNED/DIRECTED TO PAY DUE RS.3,00,000

28-MAR-2022

BANK OF BARODA

DID NOT EVOLVE INTERNAL MECHANISM TO REPORT INTEGRALLY CONNECTED TRANSACTIONS

IMPOSED FINE RS.3,00,000

01-OCT-2015

NOT APPEARING IN THE LIST DATED 30-JUN-2018

BANK OF BARODA

DID NOT EVOLVE INTERNAL MECHANISM TO DETECT AND REPORT SUSPICIOUS TRANSACTIONS

DID NOT CARRY OUT EFFECTIVE CUSTOMER DUE DILIGENCE VIOLATING SUB RULES (4), (7), (12) AND 9 OF RULES

DELAY IN FILING OF ELECTRONIC FUND TRANSFER (EFTS) REPORTS

DID NOT FILE ELECTRONICS FUND TRANSFER (EFTS) REPORTS

DID NOT REPORT MATERIAL MISSTATEMENTS KNOWN TO HIM IN TO APPEAR IN A FINANCIAL STATEMENTS VIOLATING SECTION 22 (NO 38 OF 1949) READ WITH CLAUSE 6 OF PART I OF SECOND SCHEDULE OF CHARTERED ACCOUNTANT ACT, 1949 IN MATTER OF OF IL&FS FINANCIAL SERVICES LTD.

DID NOT FILE SUSPICIOUS TRANSACTIONS REPORTS (STRS)

FILED IMPROPER SUSPICIOUS TRANSACTIONS REPORTS (STRS)

DELAY IN FILING OF SUSPICIOUS TRANSACTIONS REPORTS (STRS)

IMPOSED FINE RS.9,00,00,000

27-MAR-2018

NOT APPEARING IN THE LIST DATED 30-JUN-2018

BANK OF INDIA

DID NOT EVOLVE INTERNAL MECHANISM TO REPORT INTEGRALLY CONNECTED TRANSACTIONS

IMPOSED FINE RS.4,00,000

19-SEP-2015

NOT APPEARING IN THE LIST DATED 30-JUN-2018

BANK OF MAHARASHTRA

DID NOT EVOLVE INTERNAL MECHANISM TO REPORT INTEGRALLY CONNECTED TRANSACTIONS

IMPOSED FINE RS.2,00,000

03-JUL-2015

NOT APPEARING IN THE LIST DATED 30-JUN-2018

BONANZA PORTFOLIO LTD.

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 PROPERLY RAISE ALERTS AND CONSIDER ADVERSE ORDERS OF SEBI FROM THE PERSPECTIVE OF AML TRANSACTIONAL MONITORING AND REPORTING OBLIGATIONS

DID NOT EVOLVE INTERNAL MECHANISM TO DETECT AND REPORT SUSPICIOUS TRANSACTIONS

IMPOSED FINE RS.19,40,000

DIRECTED TO REVIEW AND REVISE POLICIES AND APPROACH REGARDING INCOME RANGES AND RELATED KYC INFORMATION OF CLIENTS RS.19,40,000

DIRECTED TO PUT IN PLACE SUITABLE POLICY AND MECHANISM TO ENSURE THAT ROBUST AND MEANINGFUL RISK ASSESSMENT OR RE-ASSESSMENT OF CUSTOMERS CONDUCTED SUBSEQUENT TO ORDER OF SEBI/LEAS/OTHER GOVERNMENT AGENCIES RS.19,40,000

DIRECTED TO CONDUCT RE-EXAMINATION OF SEBI ORDERS ISSUED IN CONNECTION WITH CLIENTS IN PAST THREE YEARS TO ENSURE THAT THEY WERE PROPERLY PROCESSED, UNDERLYING TRANSACTIONS AND CLIENTS WERE ASSESSED RS.19,40,000

DIRECTED TO CONDUCT AUDIT BY EXTERNAL AGENCY OF THE PROCESSES PUT IN PLACE BY REPORTING ENTITY TO RAISE/PROCESS/INVESTIGATE/CLOSE ALERTS RS.19,40,000

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 RS.19,40,000

31-DEC-2024

CANARA BANK

DID NOT EVOLVE INTERNAL MECHANISM TO REPORT INTEGRALLY CONNECTED TRANSACTIONS

IMPOSED FINE RS.3,00,000

29-OCT-2015

NOT APPEARING IN THE LIST DATED 30-JUN-2018

CENTRAL BANK OF INDIA

DID NOT EVOLVE INTERNAL MECHANISM TO REPORT INTEGRALLY CONNECTED TRANSACTIONS

IMPOSED FINE RS.2,00,000

06-AUG-2015

NOT APPEARING IN THE LIST DATED 30-JUN-2018

CENTRAL BANK OF INDIA

DID NOT FILE REPORT MANDATED BY ALERT ISSUED UNDER SECTION 12A OF PREVENTION OF MONEY LAUNDERING ACT, 2002

IMPOSED FINE RS.2,00,000

23-DEC-2020