RBI penalizes Union Bank of India with Rs 1 crore fine for non-compliance

The penalty was imposed by an order dated November 25 for non-compliance with the certain provisions of directions issued by the RBI contained in “Reserve Bank of India (Fraud – Classification and Reporting by commercial banks and select FIs) Directions 2016” and “Guidelines on Sale of Stressed Assets by Banks”.
Examination of the risk assessment report, inspection report and all the related correspondence revealed, inter alia, non-compliance with certain directions to the extent of failure to classify an account as a Red Flag Account despite the presence of early warning signals and failure to disclose ageing of and provisioning for security receipts (SRs) in its annual report, the RBI said.
Certified Anti Money Laundering Investigator (CAMI) is an International AML training program to your upskill knowledge & crack interviews in the compliance industry.
Training Agenda:
FATF 40 recommendations
USA PATRIOT ACT
International AML Policy & Procedures
Advanced AML Investigation Techniques
Mode of training: Live online training
Fees: 500 USD

