FIU-IND Imposes Fine on Paytm Payments Banks Limited: Rs 5.49 Crore Transfer Violates Anti-Money Laundering Act.
FIU-IND, which operates under PMLA, has taken this action against Paytm Payments Banks Limited for violation of rules.
The FIU-IND Director has issued rules detailing the bank’s violation of PMLA and its related rules.
The investigation was carried out based on specific information provided by the law enforcement agencies that he was involved in illegal activities involving online gambling.
It is alleged that Payments Banks Limited has benefited from the proceeds of these criminal activities.
The FIU-IND had issued a notice under several rules to Paytm Payments Banks Limited after a careful review of the available documents for violation of various sections of the PML Rules.
After considering the written and oral arguments, the FIU-IND Director decided that there is evidence of irregularities by Payments Banks Limited. FIU-Paytm Payments Banks Limited Fined Rs 5.49 Crore.
