Central Bank fines two entities for ‘not reporting violations’

News

The Central Bank’s Financial Intelligence Unit (FIU) has fined two financial services’ providers a total of Rs. 3 million for violations during November-December 2024 under anti-money laundering laws.

The Indian Bank was imposed a fine of Rs. 2 million and Amana Takaful Life Rs. 1 million.

The penalties were imposed for non-compliance with the provisions of the Financial Transactions Reporting Act (FTRA), the banking regulator said in a media release.

The Indian Bank was penalized for failure to report several Electronic Fund Transfer transactions where the amount of such transfers exceeded Rs.1 million or its equivalent in any foreign currency, among other violations while Amana Takaful Life PLC was penalised for failing to maintain an updated complete list of designated persons, groups and entities as per rules, among other violations.

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