financial intelligence unit paytm fine: Financial Intelligence Unit imposes Rs 5.49 crore fine on Paytm Payments Bank
The finance ministry’s Financial Intelligence Unit-India (FIU-IND) has imposed a fine of Rs 5.49 crore on Paytm Payments Bank for “violating its obligations” under the Prevention of Money Laundering Act.
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In a statement on Friday, the finance ministry said that the FIU-IND initiated a review of the Paytm Payments Bank on receipt of specific information from law enforcement agencies about few entities and their network of businesses that engaged in illegal acts, including organising and facilitating online gambling.
The money generated from these illegal operations, i.e. proceeds of crime were routed and channeled through bank accounts maintained by these entities with the Paytm Payments Bank, it added.
A Paytm Payments Bank spokesperson said, “The penalty pertains to issues within a business segment that was discontinued two years ago. Following that period, we have enhanced our monitoring systems and reporting mechanisms to the Financial Intelligence Unit (FIU).”
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The finance ministry’s Financial Intelligence Unit-India (FIU-IND) has imposed a fine of Rs 5.49 crore on Paytm Payments Bank for “violating its obligations” under the Prevention of Money Laundering Act.
![]()
In a statement on Friday, the finance ministry said that the FIU-IND initiated a review of the Paytm Payments Bank on receipt of specific information from law enforcement agencies about few entities and their network of businesses that engaged in illegal acts, including organising and facilitating online gambling.
The money generated from these illegal operations, i.e. proceeds of crime were routed and channeled through bank accounts maintained by these entities with the Paytm Payments Bank, it added.
A Paytm Payments Bank spokesperson said, “The penalty pertains to issues within a business segment that was discontinued two years ago. Following that period, we have enhanced our monitoring systems and reporting mechanisms to the Financial Intelligence Unit (FIU).”
Discover the stories of your interest
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