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Paytm Payments Bank fined Rs 5.49 cr for flouting money laundering regulations
Photo courtesy: UNI

Paytm Payments Bank fined Rs 5.49 cr for flouting money laundering regulations

India Blooms news Service | @indiablooms | 02 Mar 2024, 12:24 am

Mumbai: The Financial Intelligence Unit - India (FIU-IND) has imposed a substantial penalty of Rs 5,49,00,000 on Paytm Payments Bank Ltd for purported violations of anti-money laundering regulations under the Prevention of Money Laundering Act (PMLA).

FIU-IND initiated the action in response to alleged breaches observed in Paytm Payments Bank Ltd under the provisions of the PMLA.

"The penalty pertains to issues within a business segment that was discontinued two years ago. Following that period, we have enhanced our monitoring systems and reporting mechanisms to the Financial Intelligence Unit (FIU)," a Paytm Payments Bank spokesperson was quoted as saying by IndiaToday.in.

The decision to impose a penalty of Rs 5,49,00,000 was made through an order dated February 15th, 2024, exercising the authority granted under Section 13 of the Prevention of Money Laundering Act (PMLA).

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