Paytm Payments Bank fined Rs 5.49 crore over PMLA violations, says Finance Ministry

The Financial Intelligence Unit-India (FIU-IND), under the Ministry of Finance, imposed a penalty of Rs 5.49 crore on Paytm Payments Bank for breaching its obligations under the Prevention of Money Laundering Act (PMLA), on March 1.

FIU-IND launched a review of Paytm Payments Bank after receiving specific information from law enforcement agencies regarding certain entities and their network of businesses involved in various illegal activities, such as organizing and facilitating online gambling.