FINAL ORDER

27.03.2025

Dictated by :Rajesh Malhotra Present Appeal u/s 26 of the Prevention of the Money-Laundering Act, 2002 is filed by the Appellant Bank against the impugned order no. 04/DIR/FIU-IND/2015 dated 13.04.2016 passed by Director FIU India, whereby, penalties were imposed on the appellant bank as under:

a.) Rs. 46 lakh for failing to evolve proper internal mechanism for detecting and reporting suspicious transactions during the 46 months period from April 2006 to February 2010 calculated @ Rs. 1 lakh per month.

b.) Rs. 1,06,30,000 for not filing correct CTRs for 1063 cash transactions that took place during May 2006 to August 2009, calculated @ Rs. 10,000 per transaction applying the minimum penalty rate;

c.) Rs. 112 lakh for failure in carrying out proper identification and verification in respect of56 accounts of Balaji Bullion Group companies, calculated @ Rs. 1 lakh per account, one account of Narmada Vikas Pariyojana, calculated @ Rs. 1 lakh per account, and55 accounts related to the Maple Advisory Services Pvt. Ltd. and related accounts, calculated @ Rs. 1 lakh per account.

Thus, in total a fine of Rs. 2,64,30,00 was imposed on the Appellant Bank.

2. As per the facts o