......The penalty has been imposed on the bank for violation of (i) Know Your Customer (KYC) and Anti Money Laundering (AML) norms insofar as carrying out sufficient customer identification procedures, ascertaining the identification of natural persons behind entities, carrying out enhanced due diligence and appropriate risk categorisation were concerned; (ii) non-compliance of Income Recognition and Asset Classification (IRAC) norms by transfer of funds from one account to another; (iii) involvement of the directors in day-to-day affairs of the bank; and (iv) diversion of funds from loan accounts through current/savings bank accounts of borrowers to firms in which directors have an interest.............
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