The Reserve Bank of India (RBI) has imposed Rs 1 crore penalty on Dhanlaxmi Bank for violation of Know Your Customer (KYC) and Anti Money Laundering (AML) norms. It had issued a Show Cause Notice to the bank for not complying with KYC and AML guidelines in respect of a current account under investigation of the Economic Offences Wing (EOW).
After considering the banks’ reply, also personal submissions, information submitted and documents furnished, RBI came to the conclusion that the bank had violated the instructions/guidelines issued, from time to time, which warranted imposition of monetary penalty on it. The Reserve Bank of India has imposed a monetary penalty of Rs 10 million on Dhanlaxmi Bank for violation of its instructions, among other things, on KYC norms and AML standards, the central bank said in a statement.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank and its customers.
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