https://www.taxtmi.com/caselaws?id=769804 The Appellate Tribunal under SAFEMA reduced penalties imposed on a bank for money laundering violations. The bank failed to file Cash Transaction Reports (CTRs) for connected cash transactions exceeding Rs. 10 lakhs monthly and lacked effective internal mechanisms for detecting suspicious transactions. The Tribunal reduced the penalty from Rs. 50,000 each for 9 CTRs to a consolidated Rs. 50,000, and decreased the penalty for inadequate internal mechanisms from Rs. 1 lakh to Rs. 10,000, resulting in total penalty of Rs. 60,000. The appeal was disposed of with reduced penalties. en-us Wed, 02 Apr 2025 00:00:00 +0530 Fri, 02 May 2025 08:54:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769804 The Appellate Tribunal under SAFEMA reduced penalties imposed on a bank for money laundering violations. The bank failed to file Cash Transaction Reports (CTRs) for connected cash transactions exceeding Rs. 10 lakhs monthly and lacked effective internal mechanisms for detecting suspicious transactions. The Tribunal reduced the penalty from Rs. 50,000 each for 9 CTRs to a consolidated Rs. 50,000, and decreased the penalty for inadequate internal mechanisms from Rs. 1 lakh to Rs. 10,000, resulting in total penalty of Rs. 60,000. The appeal was disposed of with reduced penalties. Case-Laws Money Laundering Wed, 02 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769804