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FIU-IND had not justified imposing ₹10,000 per suspicious transaction for delay: SAFEMA
Case Law Details
- Case Name
- Punjab National Bank Vs Financial Intelligence Unit (Appellate Tribunal Under SAFEMA Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- Appellate Authority, SAFEMA
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Punjab National Bank Vs Financial Intelligence Unit (Appellate Tribunal Under SAFEMA Delhi)
The Appellate Tribunal under SAFEMA/PMLA delivered its final order on Punjab National Bank’s challenge to the ₹15.62 crore penalty imposed by the Director, FIU–India for large-scale violations of reporting obligations under the PMLA & PML Rules, 2005. The review pertained to the period 01.04.2016 to 30.11.2017, during which FIU alleged extensive delays, incorrect filings & systemic failures in the Bank’s AML compliance framework.
PNB argued that its lapses were unintenti...
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