https://www.taxtmi.com/news?id=27356 Financial intelligence enforcement found deficiencies in a payments bank's record-keeping, transaction monitoring and customer due diligence after information that proceeds from illegal online gambling were routed through its accounts. A Show Cause Notice alleged failures under rules on maintenance of records, customer identification, reporting obligations and AML/CFT/KYC safeguards for payout and beneficiary services. On review of submissions and material on record, the Director exercised statutory authority to impose a monetary penalty as an enforcement measure to address the substantiated compliance lapses. en-us Sat, 02 Mar 2024 13:02:13 +0530 Sat, 02 Mar 2024 13:02:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=27356 Financial intelligence enforcement found deficiencies in a payments bank's record-keeping, transaction monitoring and customer due diligence after information that proceeds from illegal online gambling were routed through its accounts. A Show Cause Notice alleged failures under rules on maintenance of records, customer identification, reporting obligations and AML/CFT/KYC safeguards for payout and beneficiary services. On review of submissions and material on record, the Director exercised statutory authority to impose a monetary penalty as an enforcement measure to address the substantiated compliance lapses. News - Sat, 02 Mar 2024 13:02:13 +0530 https://www.taxtmi.com/news?id=27356