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India's Paytm Payments Bank fined over $662,000 for alleged money laundering https://t.co/Sqz4NUwZHU https://t.co/LULwLpgKAO
The Financial Intelligence Unit-India, FIU-IND, imposes a monetary penalty of Rs 5.49 crore on #PaytmPaymentsBank Ltd with reference to violations of its obligations under Prevention of Money Laundering Act. Finance Ministry says that FIU-IND initiated a review of Paytm… https://t.co/4p7m9bBUCY
India’s financial intelligence unit imposes a $663,380 fine on Paytm’s banking affiliate https://t.co/RMzuudv2CT
The Financial Intelligence Unit-India (FIU-IND), under the finance ministry, has imposed a penalty of Rs 5,49,00,000 (approximately $662,000) on Paytm Payments Bank Ltd for violations of its obligations under the Prevention of Money Laundering Act (PMLA). The penalty comes as a result of a review initiated by FIU-IND upon receiving specific information from law enforcement agencies. This action highlights the government's ongoing efforts to clamp down on money laundering activities within the country.
