Union Bank of India Fined Rs 54 Lakh for PMLA Violations 💼⚖️
🔍 FIU penalizes Union Bank for failing to report suspicious activities and due diligence lapses
🏦 Irregularities in NBFC accounts: Circular fund transfers and unusual transactions flagged
📉 KYC/AML compliance failures: Only one suspicious transaction report filed despite high alert volumes
⚠️ Entities with common ownership: Disproportionate credit turnovers found in accounts with low authorized capital
🔒 Bank's internal scrutiny questioned: FIU highlights inadequate monitoring and minimal justification for closing alerts
📑 Bank ordered to improve due diligence and reassess internal mechanisms for detecting suspicious transactions
🔍 FIU penalizes Union Bank for failing to report suspicious activities and due diligence lapses
🏦 Irregularities in NBFC accounts: Circular fund transfers and unusual transactions flagged
📉 KYC/AML compliance failures: Only one suspicious transaction report filed despite high alert volumes
⚠️ Entities with common ownership: Disproportionate credit turnovers found in accounts with low authorized capital
🔒 Bank's internal scrutiny questioned: FIU highlights inadequate monitoring and minimal justification for closing alerts
📑 Bank ordered to improve due diligence and reassess internal mechanisms for detecting suspicious transactions
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