Union Bank of India faces penalty of Rs 37 lakh from Financial Intelligence Unit-India
Union Bank of India informs exchanges of a Rs 37 lakh penalty levied by the Financial Intelligence Unit-India (FIU-IND).
Public-Sector Lender Union Bank of India has announced through exchange filing that the bank has been imposed a monetary penalty of Rs 37 lakhs by Financial Intelligence Unit-India.
The statement issued was: In compliance with Regulation 30(4) read with Schedule III, Part- A para 20 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that the Financial Intelligence Unit-India (FIU-IND) has imposed a penalty of Rs 37,00,000.00 (Rupees Thirty-Seven Lakh Only) on the Bank.
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Further, the reason behind the penalty has been cited as discrepancies observed in a matter for the year 2011 to 2014 in reporting of suspicious transactions.
Financial Intelligence Unit - India (FIU-IND) is the central, national agency responsible for receiving, processing, analyzing and disseminating information relating to suspect financial transactions to enforcement agencies and foreign FIUs.
Shares of Union Bank of India is trading at Rs 124.91, higher by 2.05%.
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