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On June 3, 2024, the Financial Intelligence Unit - India (FIU-IND) imposed a monetary penalty of Rs. 1,66,25,000/- on Axis Bank Limited. This penalty was for non-compliances of Section 12(1) of the Prevention of Money Laundering Act, 2002, regarding the opening and monitoring of certain accounts. Axis Bank has initiated corrective measures to align its operations.
| Date | 5 Jun 2024 |
| Time | 09:06:41 |
| Category | Miscellaneous |
| ID | 2104R |
AXIS/CO/CS/155/2024-25
June 4, 2024
Dear Sir/Madam,
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SUB: |
Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. |
We wish to inform you that the Financial Intelligence Unit - India ("FIU-IND") vide their order dated June 3, 2024, has imposed a monetary penalty amounting to Rs. 1,66,25,000/- (Rupees One crore Sixty- Six lakh and Twenty-Five Thousand only) on the Bank for non-compliances of Section 12(1) of the Prevention of Money Laundering Act, 2002 read with Prevention of Money Laundering (Maintenance of Records) Rules, 2005, in respect of opening and monitoring of certain accounts.
This penalty has been imposed in exercise of powers conferred under Section 13(2)(d) of the Prevention of Money Laundering Act, 2002 (PMLA).
The Bank has already initiated / taken corrective measures, as necessary, to align the operations / procedures in line with the stipulations of the FIU-IND and Reserve Bank of India.
The relevant information as per the format prescribed by SEBI vide its circular no. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, is attached as Annexure A.
This is for your information and records.
Thanking you.
Yours faithfully,
For Axis Bank Limited
Sandeep Poddar
Company Secretary
http://www.rns-pdf.londonstockexchange.com/rns/2104R_1-2024-6-5.pdf
Encl.: As above.