Syndicate Bank fined for violation of KYC Norms

A scrutiny was conducted by RBI of certain branches of the Syndicate bank in the aftermath of a fraud reported in these branches. A monetary penalty of ₹ 5 crores on Syndicate Bank (the bank) for non-compliance was imposed as the directions/guidelines issued by RBI on cheque purchase/discounting, bill discounting, and Know Your Customer (KYC)/Anti-Money Laundering (AML) norms were violated by these branches of Syndicate Bank. Based on the findings of the scrutiny and examination of related documents obtained in this regard, a Notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with directions/guidelines issued by RBI.

SOURCERBI Press Release
Vedant is a Certified Regtech Expert from "The Hongkong University of Science and Technology (HUST)", and regularly contributes articles and guest posts on the subjects related to Regulatory Technologies. He is a qualified forensic accounting professional from West Virginia University (WVU).