FIU-IND had not justified imposing ₹10,000 per suspicious transaction for delay: SAFEMA

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 unintentional, caused larg...