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Regulatory Actions Covered By This Website

REGULATORY ACTIONS IN CHRONOLOGICAL ORDER

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.

ENTITY

S.
No.		 DATE OF ORDER ENTITY PERSON COMPETENT AUTHORITY REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1 01-MAR-2024
History of entity/person PAYTM PAYMENTS BANK LTD.   
  FIU  DID NOT PUT IN PLACE EFFECTIVE INTERNAL MECHANISM TO DETECT AND REPORT SUSPICIOUS TRANSACTIONS REPORTS (STRS)

DID NOT FILE SUSPICIOUS TRANSACTION REPORTS IN RESPECT OF THIRTY FOUR BENEFICIARY ACCOUNTS IN THE MANNER AND WITHIN TIMELINES

DID NOT EXERCISE ONGOING DUE DILIGENCE WITH RESPECT TO PAYOUT SERVICE

DID NOT EXERCISE ONGOING DUE DILIGENCE WITH REFERENCE TO THE ACCOUNTS OF THIRTY FOUR BENEFICIARIES WHICH RECEIVED PROCEEDS FROM THE PAYOUT ACCOUNTS

DID NOT SATISFY THE REQUIREMENTS WITH RESPECT TO RELIANCE ON THIRD-PARTY KYC BY RELYING ON A NON-COMPLIANT/UNREGULATED ENTITY  		IMPOSED FINE RS.5,49,00,000

01-MAR-2024 		 
2 09-FEB-2024
History of entity/person BALASORE URBAN CO-OPERATIVE BANK LTD.,THE   
  FIU  DID NOT FOLLOW KYC GUIDELINES AND SUBMISSION OF REPORT IN PROCEDURE AND MANNER PRESCRIBED UNDER PML (MAINTENANCE OF RECORDS) RULES, 2005   IMPOSED FINE RS.25,000

DIRECTED TO ENSURE SUITABLE TRAINING IN AML/CFT FOR THE CONCERNED STAFF

09-FEB-2024 		 
3 09-FEB-2024
History of entity/person UTKAL CO-OPERATIVE BANK LTD.,THE   
  FIU  DID NOT FILE CASH TRANSACTIONS REPORTS (CTRS)

DID NOT FILE SUSPICIOUS TRANSACTIONS REPORTS (STRS)  		IMPOSED FINE RS.1,00,000

DIRECTED TO ENSURE SUITABLE TRAINING IN AML/CFT FOR THE CONCERNED STAFF

09-FEB-2024 		 
4 25-JAN-2024
History of entity/person FINO PAYMENTS BANK LTD.   
  FIU  DID NOT EVOLVE INTERNAL MECHANISM TO DETECT AND REPORT SUSPICIOUS TRANSACTIONS

DID NOT FILE SUSPICIOUS TRANSACTIONS REPORTS (STRS)  		IMPOSED FINE RS.5,00,000

25-JAN-2024 		 
5 12-JAN-2024
History of entity/person RDA HOLDINGS PVT.LTD. 

(Old Name : RDA HOLDING & TRADING PVT.LTD.)  
  FIU  DID NOT INFORM AND REGISTER ITSELF WITH CHANGE IN NAME OF THE COMPANY

DID NOT APPOINT DESIGNATED DIRECTOR AND PRINCIPAL OFFICER AS REQUIRED UNDER RULE OF 7(1) PML (MAINTENANCE OF RECORDS) RULES, 2005  		DIRECTED TO PUT IN PLACE AND ADOPT SUITABLE AML/CFT POLICY AS WELL AS ROBUST MECHANISM FOR RISK ASSESSMENT WITH REGARD TO AML/CFT

DIRECTED TO CONDUCT AUDIT BY EXTERNAL AGENCY OF THE PROCESSES PUT IN PLACE BY REPORTING ENTITY TO RAISE/PROCESS/INVESTIGATE/CLOSE ALERTS

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

DIRECTED TO FILE CERTIFICATION UNDER SIGNATURE OF DESIGNATED DIRECTOR AND PRINCIPAL OFFICER THAT DIRECTED MEASURES WOULD BE IMPLEMENTED WITHIN THE PERIOD PRESCRIBED

12-JAN-2024 		 
6 18-DEC-2023
History of entity/person ESAF FINANCIAL HOLDINGS PVT.LTD.   
  FIU  DID NOT INFORM AND REGISTER ITSELF WITH CHANGE IN NAME OF THE COMPANY

DID NOT APPOINT DESIGNATED DIRECTOR AND PRINCIPAL OFFICER AS REQUIRED UNDER RULE OF 7(1) PML (MAINTENANCE OF RECORDS) RULES, 2005  		DIRECTED TO PUT IN PLACE AND ADOPT SUITABLE AML/CFT POLICY AS WELL AS ROBUST MECHANISM FOR RISK ASSESSMENT WITH REGARD TO AML/CFT

DIRECTED TO CONDUCT AUDIT BY EXTERNAL AGENCY OF THE PROCESSES PUT IN PLACE BY REPORTING ENTITY TO RAISE/PROCESS/INVESTIGATE/CLOSE ALERTS

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

DIRECTED TO FILE CERTIFICATION UNDER SIGNATURE OF DESIGNATED DIRECTOR AND PRINCIPAL OFFICER THAT DIRECTED MEASURES WOULD BE IMPLEMENTED WITHIN THE PERIOD PRESCRIBED

18-DEC-2023 		 
7 18-DEC-2023
History of entity/person HCL CAPITAL PVT.LTD.   
  FIU  DID NOT INFORM AND REGISTER ITSELF WITH CHANGE IN NAME OF THE COMPANY

DID NOT APPOINT DESIGNATED DIRECTOR AND PRINCIPAL OFFICER AS REQUIRED UNDER RULE OF 7(1) PML (MAINTENANCE OF RECORDS) RULES, 2005  		DIRECTED TO PUT IN PLACE AND ADOPT SUITABLE AML/CFT POLICY AS WELL AS ROBUST MECHANISM FOR RISK ASSESSMENT WITH REGARD TO AML/CFT

DIRECTED TO CONDUCT AUDIT BY EXTERNAL AGENCY OF THE PROCESSES PUT IN PLACE BY REPORTING ENTITY TO RAISE/PROCESS/INVESTIGATE/CLOSE ALERTS

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

DIRECTED TO FILE CERTIFICATION UNDER SIGNATURE OF DESIGNATED DIRECTOR AND PRINCIPAL OFFICER THAT DIRECTED MEASURES WOULD BE IMPLEMENTED WITHIN THE PERIOD PRESCRIBED

18-DEC-2023 		 
8 21-SEP-2023
History of entity/person CHANDGAD URBAN CO-OPERATIVE BANK LTD.   
  FIU  DID NOT FILE CASH TRANSACTIONS REPORTS (CTRS)

DID NOT EVOLVE INTERNAL MECHANISM TO DETECT AND REPORT SUSPICIOUS TRANSACTIONS  		WARNED & CAUTIONS TO EXERCISE IN FUTURE

21-SEP-2023 		 
9 19-SEP-2023
History of entity/person DHULE & NANDURBAR JILHA SARKARI NOKARANCHI SAHAKARI BANK LTD.   
  FIU  DID NOT FILE CASH TRANSACTIONS REPORTS (CTRS)

DID NOT EVOLVE INTERNAL MECHANISM TO DETECT AND REPORT SUSPICIOUS TRANSACTIONS  		IMPOSED FINE RS.1,00,000

19-SEP-2023 		 
10 18-SEP-2023
History of entity/person SATANA MERCHANTS' CO-OPERATIVE BANK LTD.   
  FIU  DID NOT FILE CASH TRANSACTIONS REPORTS (CTRS)

DID NOT EVOLVE INTERNAL MECHANISM TO DETECT AND REPORT SUSPICIOUS TRANSACTIONS  		IMPOSED FINE RS.25,000

DIRECTED TO ENSURE SUITABLE TRAINING IN AML/CFT FOR THE CONCERNED STAFF

18-SEP-2023 		 
11 14-SEP-2023
History of entity/person STERLING URBAN CO-OPERATIVE BANK LTD.   
  FIU  DID NOT FILE COUNTERFEIT CURRENCY REPORT (CCRS)

DID NOT HAVE EFFECTIVE INTERNAL MECHANISM TO DETECT AND REPORT ALL CASH TRANSACTIONS WHERE FORGED OR COUNTERFEIT CURRENCY NOTES OR BANK NOTES WERE USED AS GENUINE VIOLATING SECTIONS 12(1) (A) AND (B) READ WITH RULES 3(1) (C), 7(2), 7(3) AND 8(1) OF PML (MAINTENANCE OF RECORDS) RULES, 2005  		IMPOSED FINE RS.50,000

DIRECTED TO ENSURE SUITABLE TRAINING IN AML/CFT FOR THE CONCERNED STAFF

14-SEP-2023 		 
12 13-SEP-2023
History of entity/person APPASAHEB BIRNALE SAHAKARI BANK LTD.   
  FIU  DID NOT FILE CASH TRANSACTIONS REPORTS (CTRS)

DID NOT EVOLVE INTERNAL MECHANISM TO DETECT AND REPORT SUSPICIOUS TRANSACTIONS

DID NOT FILE NPO SECTOR TRANSACTION REPORT (NTRS)  		WARNED & CAUTIONS TO EXERCISE IN FUTURE

13-SEP-2023 		 
13 13-SEP-2023
History of entity/person MANIPUR WOMEN'S CO-OPERATIVE BANK LTD.,THE   
  FIU  DID NOT SUBMIT REQUIRED INFORMATION  WARNED & CAUTIONS TO EXERCISE IN FUTURE

13-SEP-2023 		 
14 13-SEP-2023
History of entity/person PATAN CO-OPERATIVE BANK LTD.   
  FIU  DID NOT FILE CASH TRANSACTIONS REPORTS (CTRS)

DID NOT EVOLVE INTERNAL MECHANISM TO DETECT AND REPORT SUSPICIOUS TRANSACTIONS  		IMPOSED FINE RS.25,000

DIRECTED TO ENSURE SUITABLE TRAINING IN AML/CFT FOR THE CONCERNED STAFF

13-SEP-2023 		 
15 12-SEP-2023
History of entity/person RANI LAXMIBAI URBAN CO-OPERATIVE BANK LTD.   
  FIU  DID NOT FILE CASH TRANSACTIONS REPORTS (CTRS)  IMPOSED FINE RS.1,00,000

DIRECTED TO ENSURE SUITABLE TRAINING IN AML/CFT FOR THE CONCERNED STAFF

12-SEP-2023 		 
16 16-AUG-2023
History of entity/person SUNFLOWER BROKING PVT.LTD.   
  FIU  DID NOT PROPERLY RAISE ALERTS AND CONSIDER ADVERSE ORDERS OF SEBI FROM THE PERSPECTIVE OF AML TRANSACTIONAL MONITORING AND REPORTING OBLIGATIONS

DID NOT REPORT ENTITY TO PROPERLY INVESTIGATE AND REVIEW THE SAME ALERTS  		IMPOSED FINE RS.25,000

DIRECTED TO FILE CERTIFICATION UNDER SIGNATURE OF DESIGNATED DIRECTOR AND PRINCIPAL OFFICER THAT DIRECTED MEASURES WOULD BE IMPLEMENTED WITHIN THE PERIOD PRESCRIBED

16-AUG-2023 		 
17 31-MAY-2023
History of entity/person ASIT C.MEHTA INVESTMENT INTERMEDIATES LTD.   
  FIU  DID NOT PROPERLY RAISE ALERTS AND CONSIDER ADVERSE ORDERS OF SEBI FROM THE PERSPECTIVE OF AML TRANSACTIONAL MONITORING AND REPORTING OBLIGATIONS  IMPOSED FINE RS.1,00,000

DIRECTED TO FILE CERTIFICATION UNDER SIGNATURE OF DESIGNATED DIRECTOR AND PRINCIPAL OFFICER THAT DIRECTED MEASURES WOULD BE IMPLEMENTED WITHIN THE PERIOD PRESCRIBED

31-MAY-2023 		 
18 27-FEB-2023
History of entity/person ELITE WEALTH LTD. 

(Old Name : ELITE WEALTH ADVISORS LTD.)

(Old Name : ELITE STOCK MANAGEMENT LTD.)  
  FIU  DID NOT PROPERLY RAISE ALERTS AND CONSIDER ADVERSE ORDERS OF SEBI FROM THE PERSPECTIVE OF AML TRANSACTIONAL MONITORING AND REPORTING OBLIGATIONS

DID NOT REPORT ENTITY TO PROPERLY INVESTIGATE AND REVIEW THE SAME ALERTS  		IMPOSED FINE RS.1,00,000

DIRECTED TO FILE CERTIFICATION UNDER SIGNATURE OF DESIGNATED DIRECTOR AND PRINCIPAL OFFICER THAT DIRECTED MEASURES WOULD BE IMPLEMENTED WITHIN THE PERIOD PRESCRIBED

27-FEB-2023 		 
19 09-NOV-2022
History of entity/person VIKRAMADITYA NAGARIK SAHAKARI BANK MARYADIT   
  FIU  DID NOT EVOLVE INTERNAL MECHANISM TO DETECT AND REPORT SUSPICIOUS TRANSACTIONS

DID NOT EVOLVE INTERNAL MECHANISM TO CLASSIFY APPLICABLE/ELIGIBLE NPO ACCOUNTS AND FLAGGING THE SAME FOR IDENTIFICATION, DETECTION, MONITORING AND REPORTING OF ALL TRANSACTIONS INVOLVING RECEIPTS BY NPOS

DID NOT EVOLVE INTERNAL MECHANISM TO IDENTIFY AND VERIFY ULTIMATE BENEFICIAL OWNERSHIP OF TRUSTS, LEGAL PERSONS, LEGAL ENTITIES AND SIMILAR OTHER CUSTOMERS  		IMPOSED FINE RS.3,00,000

WARNED/DIRECTED TO PAY DUE

09-NOV-2022 		 
20 03-NOV-2022
History of entity/person MYSORE SILK CLOTH MERCHANT CO-OPERATIVE BANK LTD.   
  FIU  DID NOT REPORT CASH TRANSACTIONS AND/OR DELAY IN REPORTING CASH TRANSACTIONS REPORT

DID NOT EVOLVE INTERNAL MECHANISM TO DETECT AND REPORT SUSPICIOUS TRANSACTIONS  		IMPOSED FINE RS.2,35,000

03-NOV-2022 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.
 
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