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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