Paytm Payments Bank has been imposed a penalty of Rs 5.49 crore by the Financial Intelligence Unit of India for violations beneath the money laundering act.
FIU-IND initiated a overview of Paytm Payments Bank on receipt of particular info from legislation enforcement businesses in respect of few entities and their community of companies engaged in numerous unlawful acts, together with organising and facilitating on-line playing.
The money generated from these unlawful operations, i.e. proceeds of crime have been routed and channelled by means of financial institution accounts maintained by these entities with the Paytm Payments Bank Ltd, the ministry stated.
“The Financial Intelligence Unit-India (FIU-IND),… has imposed a monetary penalty of Rs 5.49 crore on Paytm Payments Bank Ltd with reference to the violations of its obligations under the PMLA (Prevention of Money Laundering Act),” the ministry stated.
The FIU handed its order imposing the penalty on February 15.
The FIU motion follows RBI’s January 31 directive barring Paytm Payments Bank from accepting contemporary deposits or credit within the accounts of its clients from February 29. The date was later prolonged to March 15.
With inputs from PTI
