https://www.taxtmi.com/news?id=11380 Reserve Bank of India imposed monetary penalties on twenty-two banks and issued cautionary letters to seven others for violations mainly concerning KYC and AML requirements, invoking powers under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949. On-site scrutiny revealed deficiencies in customer identification, risk categorisation and KYC updation, transaction monitoring, filing of cash transaction reports, adherence to cash limits for certain sales and remittances, and rules on remittances and import of gold. Show-cause notices were issued and banks' submissions considered before sanctions or cautionary letters were applied. en-us Tue, 16 Jul 2013 09:38:15 +0530 Tue, 16 Jul 2013 09:38:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=11380 Reserve Bank of India imposed monetary penalties on twenty-two banks and issued cautionary letters to seven others for violations mainly concerning KYC and AML requirements, invoking powers under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949. On-site scrutiny revealed deficiencies in customer identification, risk categorisation and KYC updation, transaction monitoring, filing of cash transaction reports, adherence to cash limits for certain sales and remittances, and rules on remittances and import of gold. Show-cause notices were issued and banks' submissions considered before sanctions or cautionary letters were applied. News - Tue, 16 Jul 2013 09:38:15 +0530 https://www.taxtmi.com/news?id=11380