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SOURCE OF INFORMATION : MINISTRY OF FINANCE - FINANCIAL INTELLIGENCE UNIT
PERIOD COVERED : 14-FEB-2013 TO 31-MAR-2025

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 PUT IN PLACE SUITABLE POLICY AND MECHANISM TO ENSURE THAT ROBUST AND MEANINGFUL RISK ASSESSMENT OR RE-ASSESSMENT OF CUSTOMERS CONDUCTED SUBSEQUENT TO ORDER OF SEBI/LEAS/OTHER GOVERNMENT AGENCIES

S.No. ENTITY DIRECTORS/ PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person BONANZA PORTFOLIO LTD.  
  DID NOT REPORT SUSPICIOUS TRANSACTIONS IN RESPECT OF ACCOUNT AND SEVERAL ALERTED 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 REVIEW DUE DILIGENCE MEASURES INCLUDING VERIFYING AGAIN IDENTIFY OF THE CLIENTS AND OBTAINING INFORMATION ON PURPOSE AND INTENDED NATURE OF BUSINESS RELATIONSHIP

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

DID NOT PROPERLY RAISE ALERTS AND CONSIDER ADVERSE ORDERS OF SEBI FROM THE PERSPECTIVE OF AML TRANSACTIONAL MONITORING AND REPORTING OBLIGATIONS

DID NOT EVOLVE INTERNAL MECHANISM TO DETECT AND REPORT SUSPICIOUS TRANSACTIONS   		IMPOSED FINE RS.19,40,000

DIRECTED TO REVIEW AND REVISE POLICIES AND APPROACH REGARDING INCOME RANGES AND RELATED KYC INFORMATION OF CLIENTS RS.19,40,000

DIRECTED TO PUT IN PLACE SUITABLE POLICY AND MECHANISM TO ENSURE THAT ROBUST AND MEANINGFUL RISK ASSESSMENT OR RE-ASSESSMENT OF CUSTOMERS CONDUCTED SUBSEQUENT TO ORDER OF SEBI/LEAS/OTHER GOVERNMENT AGENCIES RS.19,40,000

DIRECTED TO CONDUCT RE-EXAMINATION OF SEBI ORDERS ISSUED IN CONNECTION WITH CLIENTS IN PAST THREE YEARS TO ENSURE THAT THEY WERE PROPERLY PROCESSED, UNDERLYING TRANSACTIONS AND CLIENTS WERE ASSESSED RS.19,40,000

DIRECTED TO CONDUCT AUDIT BY EXTERNAL AGENCY OF THE PROCESSES PUT IN PLACE BY REPORTING ENTITY TO RAISE/PROCESS/INVESTIGATE/CLOSE ALERTS RS.19,40,000

DIRECTED TO ENSURE AML STAFF ADEQUATELY TRAINED TO MONITOR FOR NEW AND EMERGING TYPES OF CRIME FROM THE PERSPECTIVE OF ‘PROCEEDS OF CRIME’ INCLUDING REFERENCE TO ORDERS/QUERIES/REPORTS RELATING TO REGULATORY AND LAW ENFORCEMENT ACTIONS RS.19,40,000

31-DEC-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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