Standard Chartered fined ₹20M by India’s central bank for AML non-compliance - AML Intelligence
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Standard Chartered fined ₹20M by India’s central bank for AML non-compliance

By Vish Gain for AMLi

STANDARD CHARTERED India has been fined ₹2 crores (€225,000) for non-compliance with anti-money laundering and fraud prevention rules in the country.

The Reserve Bank of India (RBI), India’s central bank, issued an order Thursday that imposed the monetary penalty on Standard Chartered Bank after it flouted regulations contained in the Reserve Bank of India’s 2016 directions on “fraud classification and reporting by commercial banks and financial institutions”.

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