Axis Bank fined Rs 1.66 crore by FIU for failing to report suspicious transactions linked to a fraudulent NSG account.
The Financial Intelligence Unit (FIU) fined Axis Bank over Rs 1.66 crore for failing to detect and report suspicious transactions linked to a fraudulent NSG (National Security Guards) account. The fine was imposed under Section 13 of the Prevention of Money Laundering Act, which allows the FIU director to impose monetary penalties on reporting entities if they don't comply with their obligations under the act. Axis Bank has not yet responded to a query sent to them.
June 12, 2024
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