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.