Paytm Payments Bank Fined ₹5.49 Crore for PMLA Violations
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- March 2, 2024
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Paytm Payments Bank Fined ₹5.49 Crore for PMLA Violations
Paytm Payments Bank faces a fresh challenge as the Financial Intelligence Unit-India (FIU-IND) imposes a hefty fine of ₹5.49 crore for violating Prevention of Money Laundering Act (PMLA) regulations. This comes amidst ongoing controversies surrounding the bank.
The FIU-IND initiated a review based on information from law enforcement agencies regarding entities involved in illegal activities, including online gambling. These entities allegedly used Paytm Payments Bank accounts to channel funds derived from their criminal operations.
The fine underscores the importance of robust anti-money laundering measures for financial institutions. Paytm Payments Bank will need to address these concerns to regain public trust and ensure compliance with financial regulations.
