The Finance Ministry said on Friday that Paytm Payments Bank has been fined Rs 5.49 crore by the Financial Intelligence Unit-India (FIU-IND) for breaking anti-money laundering regulations. After receiving specific information from law enforcement on a few companies and their network of enterprises involved in various illicit activities, such as organizing and assisting online gambling, FIU-IND began reviewing Paytm Payments Bank.
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According to the government, these businesses’ bank accounts with Paytm Payments Bank Ltd. served as a conduit for the money obtained from these illicit transactions, or the profits of crime.
Regarding to infringements under the PMLA (Prevention of Money Laundering Act), Paytm Payments Bank Ltd. has been fined Rs 5.49 crore by the Financial Intelligence Unit-India (FIU-IND),” the ministry announced. On February 15, the FIU issued the order imposing the penalty.
The FIU’s move is in accordance with the RBI’s regulation dated January 31, which prohibits Paytm Payments Bank from taking new deposits or credits into its customers’ accounts as of February 29. Later, the date was moved to March 15.
