FIU Slaps Rs 96 Lakh Penalty Against PayPal for Violating India s Anti-money Laundering Processes
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American online payment gateway giant PayPal has been imposed a Rs 96 lakh penalty by the FIU for alleged contravention of the anti-money laundering law and accused of concealing suspect financial transactions and abetting disintegration of India s financial system. PayPal, which began India operations in November 2017, said it was fully committed to follow due processes and is carefully reviewing the matter .
The company has also been charged with defeating and frustrating the tenets of public interest and the provisions of the Prevention of Money Laundering Act (PMLA), which aims to keep the country s financial system safe from economic crimes, terrorist financing and black money transactions. Calling the contraventions as deliberate and wilful , the Financial Intelligence Unit (FIU) in a scathing 27-page order issued on December 17 held the company guilty on
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Highlights
The company has also been charged with defeating and frustrating the tenets of public interest and the provisions of the PMLA.
Calling the contraventions as deliberate and wilful , the Financial Intelligence Unit in a scathing 27-page order held the company guilty on three broad counts.
New Delhi: American online payment gateway giant PayPal has been imposed a Rs 96 lakh penalty by the FIU for alleged contravention of the anti-money laundering law and accused of concealing suspect financial transactions and abetting disintegration of India s financial system.
PayPal, which began India operations in November 2017, said it was fully committed to follow due processes and is carefully reviewing the matter .
PayPal faces Rs 96 lakh penalty for violating India s anti-money laundering processes
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Last Updated: Dec 20, 2020, 02:08 PM IST
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PayPal, which began India operations in November 2017, said it was fully committed to follow due processes and is carefully reviewing the matter .
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NEW DELHI: American online payment gateway giant PayPal has been imposed a Rs 96 lakh penalty by the FIU for alleged contravention of the anti-money laundering law and accused of concealing suspect financial transactions and abetting disintegration of India s financial system.
PayPal, which began India operations in November 2017, said it was fully committed to follow due processes and is carefully reviewing the matter .
PayPal incurs Rs 96 lakh penalty for allegedly violating India s anti-money laundering laws
The company has also been charged with defeating and frustrating the tenets of public interest and the provisions of the Prevention of Money Laundering Act (PMLA), which aims to keep the country s financial system safe from economic crimes, terrorist financing and black money transactions
PTI | January 12, 2021 | Updated 14:59 IST
American online payment gateway giant PayPal has been imposed Rs 96 lakh penalty by the FIU for alleged contravention of the anti-money laundering law and accused of concealing suspect financial transactions and abetting disintegration of India s financial system.
PayPal, which began India operations in November 2017, said it was fully committed to follow due processes and is carefully reviewing the matter .
PayPal fined Rs 96 lakh for violating India s anti-money laundering processes
This is for the first time that the FIU, an agency under the Union finance ministry, has undertaken punitive action against an online payment system operating in the country like it has done against public, private and cooperative banks in the past
PTI | January 12, 2021 | Updated 15:00 IST
American online payment gateway giant PayPal has been imposed a Rs 96 lakh penalty by the FIU for alleged contravention of the anti-money laundering law and accused of concealing suspect financial transactions and abetting disintegration of India s financial system.
PayPal, which began India operations in November 2017, said it was fully committed to follow due processes and is carefully reviewing the matter .