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Bank Penalized Rs. 25.7 Lakh for Delayed Reporting of High-Value Transactions Under Money Laundering Act.
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....Section 12(1)(b) of the Prevention of Money Laundering Act, 2002 requires reporting entities to furnish information about transactions referred to in Section 12(1)(a) to the Director, FIU-IND within the prescribed time. The appellant bank failed to report or delayed reporting cash transactions of high value, violating Section 12(1)(b) read with Rules 3(1)(A), 3(1)(B), 7(2), and 7(4) of the 2005 Rules. The penalty of Rs. 25,70,000/- was imposed for this violation. The Tribunal held that the phrase "each failure" in Section 13 refers to failure or delay in furnishing information for each transaction, attracting penalty. Ignoring contraventions would undermine the Act's sanctity and compliance. The appellant admitted inadvertent error, but pen.........