https://www.taxtmi.com/caselaws?id=761846 The Appellate Tribunal under SAFEMA upheld a penalty of Rs. 25,70,000 imposed on a bank for failing to report cash transactions and delays in reporting under Section 12(1)(b) of the Prevention of Money Laundering Act, 2002. The bank violated reporting requirements by not furnishing transaction information to FIU India within prescribed timeframes. The Tribunal rejected the bank's argument for a warning instead of penalty, stating that ignoring contraventions would undermine the Act's sanctity. The penalty was deemed proportionate given the bank's continuous defaults over an extended period, with reports made only after RBI intervention. The appeal was dismissed as lacking merit. en-us Tue, 24 Sep 2024 00:00:00 +0530 Mon, 18 Nov 2024 09:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761846 The Appellate Tribunal under SAFEMA upheld a penalty of Rs. 25,70,000 imposed on a bank for failing to report cash transactions and delays in reporting under Section 12(1)(b) of the Prevention of Money Laundering Act, 2002. The bank violated reporting requirements by not furnishing transaction information to FIU India within prescribed timeframes. The Tribunal rejected the bank's argument for a warning instead of penalty, stating that ignoring contraventions would undermine the Act's sanctity. The penalty was deemed proportionate given the bank's continuous defaults over an extended period, with reports made only after RBI intervention. The appeal was dismissed as lacking merit. Case-Laws Money Laundering Tue, 24 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761846