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.