Thursday, 14 April 2011 00:16

http://abclive.in/business/rbi/201-rbi-co-operative-banks-money-laundering-violations-.html

Mumbai (ABC Live): The Reserve Bank of India has imposed a monetary penalty of Rupees two lakh  on The Salal Sarvoday Nagrik Sahakari Bank Limited, Salal, Dist. Sabarkantha, Gujarat, The Kushtagi Pattana Sahakara Bank Niyanit, Kushtagi, Dist. Koppal, Karnataka and The Ankola Urban Co-operative Bank Limited, Ankola, Dist. Uttara Kannada, Karnataka for violating Anti Money Laundering (AML) guidelines.

Thye RBI in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS) for violation of Reserve Bank of India instructions on submission of reports of cash transactions above ` 10.00 lakh to Financial Intelligence Unit-India (FIU-IND), New Delhi under Anti Money Laundering (AML) guidelines.

The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply. After considering the facts of the case and the bank's reply and also personal submissions in the matter, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of the penalty.

Information to this effect was made by Ajit Prasad, Assistant General Manager through Press Release: 2010-2011/1484, Press Release: 2010-2011/1482, and Press Release: 2010-2011/1481