Ahmedabad : The Reserve Bank of India has penalised Gujarat-based cooperative lender Mansa Nagarik Sahakari Bank Ltd (MNSBL) for violation of Anti-Money Laundering (AML) guidelines. A penalty of Rs 1 lakh was imposed on Gandhinagar- headquartered MNSBL for violating the RBI''s instructions for submission of reports on cash transactions above Rs 10 lakh to the Financial Intelligence Unit-India (FIU-IND) under the AML guidelines. The RBI had issued a show-cause notice to the bank, in response to which the bank had submitted a written reply. "After considering the facts of case and the bank''s reply, as also personal submissions in the matter, the Reserve Bank of India came to the conclusion that the violation was substantiated and warranted imposition of the penalty," an official statement said. Over a dozen cooperative banks from Gujarat have been fined by the RBI in the recent past for violation of AML and KYC norms.
MSN News
No comments:
Post a Comment