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Financial Intelligence Unit fined Union Bank of India for Rs 37 lakh
FIU Action: The Financial Intelligence Unit (FIU-IND) in its order dated April 15 has imposed a fine of Rs 37 lakh for discrepancies found in the reporting of suspicious transactions during the year 2011 to 2014. Let us know about this in detail.
Financial Intelligence Unit (FIU) took action against Union Bank of India over irregularities in suspect transactions reporting for the period 2011-2014. The public sector bank has been penalised to the tune of Rs 37 lakh.
In a regulatory filing on Wednesday, Union Bank said that it has "taken necessary measures to avoid recurrence of such non-compliance."
The Financial Intelligence Unit-India (FIU-IND) in its order dated April 15 has imposed a fine of Rs 37 lakh for "discrepancies found in the reporting of suspicious transactions during the year 2011 to 2014."
Union Bank shares were trading at Rs 124.70, up 1.88 per cent from their previous close on BSE.
Muskan Kumawat
Muskan Kumawat is a Journalist & Content Writer at Sangri Times English, covering a wide range of topics, including news, entertainment, and trending stories. With a strong passion for storytelling and in-depth reporting, she delivers engaging and informative content to readers.
