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Anti-money laundering News

23 Feb 2018

FATF adopts new counter-terrorist financing operational plan: Key points

Financial Action Task Force is a global body for anti-money laundering and combating the financing of terrorism.

08 Sep 2017

Pakistan's Habib Bank to pay $225-million New York fine for compliance failures

In a statement HBL said it "remains committed to strengthening its compliance processes, operations and controls" across its 1,700 branches.

19 Jan 2017

RBI imposes Rs 75 lakh penalty on Bombay Mercantile Co-op Bank for violations of KYC norms

Bombay Mercantile Co-operative Bank was imposed with a penalty of Rs 75 lakh by the Reserve Bank of India on Thursday for violations of norms related to KYC and anti-money laundering.

25 Jul 2016

RBI imposes Rs 5 cróre penalty on Bank of Baroda

The Reserve Bank of India (RBI) has penalised the Bank of Baroda (BoB) Rs 5 crore ($754,000) for irregularities in anti-money laundering (AML) provisions that came to light in October 2015 during its audit, the public sector lender said here on Monday.

19 Jul 2016

Loss of small-country bank access risks 'systemic' disruptions: IMF chief

The loss of correspondent banking relationships in developing countries as major banks try to limit risk exposures could marginalise small economies and cause "systemic" disruptions to their financial systems, the head of the International Monetary Fund said on Monday.

31 Jul 2015

Hong Kong fines SBI for anti-money laundering law violation

The Hong Kong central bank on Friday penalised State Bank of India's Hong Kong branch USD 1 million (Hong Kong dollar 7.5 million) for alleged violation of local anti-money laundering and counter-terror financing laws.

money laundering

09 Mar 2015

Money laundering: Over 480 urban cooperative banks under RBI lens

Over 480 urban cooperative banks across the country have come under the scanner of the Reserve Bank of India (RBI) for alleged violation of anti-money laundering laws.

02 Mar 2015

Tax evasion through foreign assets to be a criminal offence

The announcement by Finance Minister Arun Jaitley categorising tax evasion in relation to holding of illegal foreign assets as a "predicate offence" under anti-money laundering laws has, for the first time, made concealment of income a criminal offence in India.

26 Feb 2015

Citigroup unit probed by more authorities over money laundering

Citigroup Inc said additional government authorities have started probes of possible breaches of anti-money laundering laws at its Banamex USA unit.

27 Nov 2014

FM hints at changes in laws to repatriate black money

Finance Minister Arun Jaitley on Thursday hinted in Lok Sabha at the government considering amending the anti-money laundering and Income Tax laws to get back the black money stashed abroad, admitting that there are weaknesses in them.

16 Jun 2014

RBI asks cos to have director to ensure AML norms compliance

The RBI has tightened the anti-money laundering (AML) norms by asking companies to appoint a designated director who can impose fines of up to Rs 1 lakh if an employee is found guilty of violation.

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