Paytm Payments Bank fined Rs 5.49 cr for flouting money laundering regulations

FIU-IND initiated the action in response to alleged breaches observed in Paytm Payments Bank Ltd under the provisions of the PMLA.

"The penalty pertains to issues within a business segment that was discontinued two years ago. Following that period, we have enhanced our monitoring systems and reporting mechanisms to the Financial Intelligence Unit (FIU)," a Paytm Payments Bank spokesperson was quoted as saying by IndiaToday.in.

The decision to impose a penalty of Rs 5,49,00,000 was made through an order dated February 15th, 2024, exercising the authority granted under Section 13 of the Prevention of Money Laundering Act (PMLA).