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Bank account freezing requires statutory authority; anti-money-laundering compliance and KYC monitoring do not permit unilateral indefinite restrictions.
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Banks may identify and report suspicious transactions but cannot unilaterally freeze customer accounts without statutory authority. Section 12AA of the Prevention of Money Laundering Act permits identity verification, record examination and information requisition as compliance measures; it does not grant investigative or adjudicatory powers to freeze accounts. RBI KYC Directions similarly require customer due diligence, information collection, transaction monitoring and regulatory reporting, rather than indefinite freezing based solely on transaction volume. Property attachment and account-freezing powers lie with competent authorities acting under prescribed legal procedure.
Banks may identify and report suspicious transactions but cannot unilaterally freeze customer accounts without statutory authority. Section 12AA of the Prevention of Money Laundering Act permits identity verification, record examination and information requisition as compliance measures; it does not grant investigative or adjudicatory powers to freeze accounts. RBI KYC Directions similarly require customer due diligence, information collection, transaction monitoring and regulatory reporting, rather than indefinite freezing based solely on transaction volume. Property attachment and account-freezing powers lie with competent authorities acting under prescribed legal procedure.
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