https://www.taxtmi.com/news?id=11683 The Reserve Bank found Jamia Cooperative Bank in breach of KYC and AML requirements - including customer identification, identification of natural persons behind entities, enhanced due diligence and risk categorisation - along with non compliance with IRAC norms through improper fund transfers, impermissible director involvement in daily management, and diversion of loan funds to firms linked to directors; after a show cause process the Reserve Bank imposed a monetary penalty under applicable Banking Regulation Act provisions. en-us Tue, 10 Sep 2013 18:08:29 +0530 Tue, 10 Sep 2013 18:08:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=11683 The Reserve Bank found Jamia Cooperative Bank in breach of KYC and AML requirements - including customer identification, identification of natural persons behind entities, enhanced due diligence and risk categorisation - along with non compliance with IRAC norms through improper fund transfers, impermissible director involvement in daily management, and diversion of loan funds to firms linked to directors; after a show cause process the Reserve Bank imposed a monetary penalty under applicable Banking Regulation Act provisions. News - Tue, 10 Sep 2013 18:08:29 +0530 https://www.taxtmi.com/news?id=11683