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        Case ID :
        Money Laundering

        Levy of penalty on PNB under PMLA - AT allowed the appeal in...

        Appeal partly allowed; findings of non-compliance under Section 12(1) upheld, some penalties reduced or set aside

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Levy of penalty on PNB under PMLA - AT allowed the appeal in part. The Tribunal upheld findings of non-compliance with Section 12(1) read with applicable Rules but reduced certain delays and struck down an unsustainable penalty methodology. CTR delays were reduced from 151 to 38 months; penalty of ₹3,80,000 (₹10,000/month) plus ₹1,00,000 for deficient internal controls was sustained. Penalty of ₹22,40,000 imposed for delayed STRs was set aside as incorrectly calculated per report. Penalty of ₹14,57,70,000 for non-filing of NTRs (₹10,000 per transaction) was upheld; the additional ₹1,00,000 internal-control penalty was dispensed with. Penalty of ₹27,00,000 for delayed CBWTRs was affirmed; repetitive internal-control penalty dispensed. Penalty under Section 12A was sustained.
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