INR 25 lakh penalty imposed by RBI on Andhra Bank for KYC, AML non-compliance

Friday 6 December 2019 13:02 CET | News

The Reserve Bank has imposed a fine of INR 25 lakh on Andhra Bank for non-compliance with certain provisions of directions issued on KYC and AML.According to Business Insider, the monetary penalty concerns the non-compliance with certain provisions of directions issued by RBI on KYC norms/ AML standards and opening of current accounts. It has been imposed in exercise of powers vested in RBI under the provisions of the Banking Regulation Act 1949. 

Moreover, an examination of current accounts opened by two entities in Andhra Bank was carried out, being observed that the bank had failed to comply with certain provisions of RBI directions. The bank was issued a notice to show cause as to why penalty should not be imposed for non-compliance with the directions. 

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Keywords: RBI, fine, Andhra Bank, KYC, AML, India, penalty, bank, banking regulation, compliance, accounts
Categories: Fraud & Financial Crime
Countries: India
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