Union Bank Fined Rs 37 Lakh by FIU for Suspicious Transactions
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The Financial Intelligence Unit (FIU) has imposed a Rs 37 lakh penalty on Union Bank of India for discrepancies in reporting suspicious transactions between 2011 and 2014.
Illustration: Uttam Ghosh/Rediff.com
New Delhi, Apr 16 (PTI) The Financial Intelligence Unit (FIU) has slapped a Rs 37 lakh penalty on Union Bank of India for discrepancies in reporting suspicious transactions for 2011-2014.
In a regulatory filing on Wednesday, Union Bank said it "has taken necessary preventive measures to avoid recurrences of such non-compliances".
Financial Intelligence Unit-India (FIU-IND) in its order dated April 15 imposed a penalty of Rs 37 lakh for "discrepancies observed in a matter for the year 2011 to 2014 in reporting of suspicious transaction".
Shares of Union Bank were trading at Rs 124.70, up 1.88 per cent over previous close on BSE.
In a regulatory filing on Wednesday, Union Bank said it "has taken necessary preventive measures to avoid recurrences of such non-compliances".
Financial Intelligence Unit-India (FIU-IND) in its order dated April 15 imposed a penalty of Rs 37 lakh for "discrepancies observed in a matter for the year 2011 to 2014 in reporting of suspicious transaction".
Shares of Union Bank were trading at Rs 124.70, up 1.88 per cent over previous close on BSE.
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