Rs 9 Crore Penalty on Bank of Baroda Under Anti Money Laundering

The Financial Intelligence Unit (FIU) has slapped Rs 9 crore penalty on Bank of Baroda for not adhering the anti-money laundering norms in the old case related to non reporting of suspicious transactions linked to the Rs 6,000 crore scam in its Delhi-based branch. 

Maximum penalty of Rs 1 lakh, as per Prevention of Money Laundering Act (PMLA), for each instance of “delayed” filing of Suspicious Transaction Reports (STRs). There were 8,822 delayed filing of EFT.

Bank of Baroda was also held guilty by the FIU for failing to file 63 integrally connected cash transactions in seven accounts.