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).
