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FIU-IND Penalizes Paytm Payments Bank
- 04 Mar 2024
Recently FIU fined Paytm Payments Bank for PMLA violations, including money laundering breaches related to illegal online gambling operations.
- FIU-IND imposes Rs. 5.49 crore penalty on Paytm Payments Bank.
- Violations include breaches of PMLA rules and AML/CFT/KYC safeguards.
- Bank found guilty of routing proceeds of crime through its accounts.
- Director, FIU-IND, substantiates charges after reviewing evidence.
- Penalty imposed on March 1st, 2024, under Section 13 of PMLA.
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