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Axis Bank Limited reported that the PMLA Appellate Tribunal, in an order dated March 27, 2025, imposed a fine of Rs. 39,20,000 for violations of certain provisions of the Prevention of Money Laundering Act, 2002. This order, received by the Bank on June 26, 2025, reduced the fine from an earlier amount of Rs. 2,64,30,000, which stemmed from an April 13, 2016, order by the Financial Intelligence Unit.
| Date | 27 Jun 2025 |
| Time | 13:16:36 |
| Category | Miscellaneous |
| ID | 8027O |
AXIS/CO/CS/150/2025-26
June 27, 2025
|
National Stock Exchange of India Limited Exchange Plaza, 5th Floor Plot No. C/1, "G" Block Bandra-Kurla Complex Bandra (E), Mumbai - 400 051
NSE Symbol: AXISBANK |
BSE Limited 1st Floor, P. J. Towers, Dalal Street Fort, Mumbai - 400 001
BSE Scrip Code : 532215 |
Dear Sir/Madam,
Sub.: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
This is to inform you that the PMLA Appellate Tribunal vide its order dated March 27, 2025, has imposed a fine of Rs. 39,20,000/- (Rupees Thirty-Nine Lakhs Twenty Thousand only) for violation of certain provisions of Prevention of Money Laundering Act, 2002 (PMLA provisions). The said order was received by the Bank on June 26, 2025.
We further wish to inform that the fine amount was reduced by the PMLA Appellate Tribunal from Rs. 2,64,30,000 (Rupees Two Crores Sixty-Four Lakhs Thirty Thousand) to Rs. 39,20,000 (Rupees Thirty-Nine Lakhs Twenty Thousand only) based on the Appeal filed by the Bank against order dated April 13, 2016, of Financial Intelligence Unit (FIU).
The Bank is assessing the order for next steps, including the possibility of further appealing the matter.
The relevant information is attached as Annexure A.
This is for your information and records.
Thanking You.
Yours faithfully,
For Axis Bank Limited
Sandeep Poddar
Company Secretary
Encl.: As above.
CC: London Stock Exchange
Singapore Stock Exchange
Annexure A
|
Sr No |
Particulars |
Details |
|
1 |
Name of the Authority |
PMLA Appellate Tribunal |
|
2 |
Nature and details of the action(s) taken, initiated or order(s) passed |
Monetary fine of Rs. Rs. 39,20,000/- (Rupees Thirty-Nine Lakhs Twenty Thousand only). |
|
3 |
Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority |
Order dated March 27, 2025, which was received by the Bank on June 26, 2025. |
|
4 |
Details of the violation(s)/ contravention(s) committed or alleged to be committed |
Violation of PMLA provisions as under:
i. failing to evolve proper internal mechanism for detecting and reporting suspicious transactions during the 46 months period from April 2006 to February 2010. ii. for not filing correct CTRs for 1063 cash transactions that took place during May 2006 to August 2009 iii. for failure in carrying out proper identification and verification in respect of 56 accounts of Balaji Bullion Group companies, one account of Narmada Vikas Pariyojana, and 55 accounts related to the Maple Advisory Services Pvt. Ltd. and related accounts. |
|
5 |
Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible |
Fine of Rs. 39,20,000/- (Rupees Thirty-Nine Lakhs Twenty Thousand only).
The Bank does not expect any material impact on financial, operation or other activities of the Bank due to the said order. |
http://www.rns-pdf.londonstockexchange.com/rns/8027O_1-2025-6-27.pdf