Paytm Payments Bank fined Rs 5.49 cr for flouting money laundering regulations
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).
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
