India: RBI slaps these two banks with Rs 3 crore fine each over anti-money laundering norms

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November 14 2018

The Reserve Bank of India (RBI) has slapped monetary penalty of Rs 3 crore each on two banks for non-compliance with the directions issued by the central bank on Income Recognition and Asset Classification (IRAC) norms, Know Your Customer or Anti-money Laundering (KYC/AML) norms.

The RBI has imposed a fine of Rs 3 crore on Jammu and Kashmir Bank while a fine of Rs 3.01 crore has been imposed on Deutsche Bank AG. J&K Bank has been fined for non-compliance with the directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms and Know Your Customer/Antimoney Laundering (KYC/AML) norms, the RBI statement said.

While the Deutsche Bank has been fined additionally for non-compliance on disclosure of monetary penalties imposed by the regulator.