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Co-Sponsors
SOURCE : NEWSPAPER ADS RELEASED BY FIU STOCK EXCHANGE LTD.

SOURCE OF INFORMATION : MINISTRY OF FINANCE - FINANCIAL INTELLIGENCE UNIT
PERIOD COVERED : 14-FEB-2013 TO 30-APR-2026

NAMES IN BROWN COLOUR
Names of entities/persons in brown colour denote that the regulatory order is not against them but their names have been mentioned only for association purposes.

COMPANIES: DIRECTED TO UNDERTAKE COMPREHENSIVE REVIEW OF ITS DUE DILIGENCE PROCEDURES

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person UNION BANK OF INDIA  
  DID NOT EVOLVE INTERNAL MECHANISM TO DETECT AND REPORT SUSPICIOUS TRANSACTIONS

DID NOT CARRY OUT ONGOING DUE DILIGENCE AND TO EXAMINE TRANSACTIONS TO ENSURE THAT THEY ARE CONSISTENT WITH THE KNOWLEDGE OF CLIENT, BUSINESS, RISK PROFILE AND SOURCE OF FUNDS

DID NOT CONDUCT CLIENT DUE DILIGENCE OF EXISTING CLIENTS BASED ON MATERIALITY AND RISK

DID NOT REPORT SUSPICIOUS TRANSACTIONS IN RESPECT OF ACCOUNT AND SEVERAL ALERTED TRANSACTIONS

DID NOT REVIEW DUE DILIGENCE MEASURES INCLUDING VERIFYING AGAIN IDENTIFY OF THE CLIENTS AND OBTAINING INFORMATION ON PURPOSE AND INTENDED NATURE OF BUSINESS RELATIONSHIP   		DIRECTED TO REASSESS ITS INTERNAL MECHANISM AND TRANSACTION MONITORING APPROACH

DIRECTED TO UNDERTAKE COMPREHENSIVE REVIEW OF ITS DUE DILIGENCE PROCEDURES

IMPOSED FINE RS.54,00,000

01-OCT-2024
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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