KYC/AML/CFT Penalties in India – FY 2023-24

Over the last four years since the Covid-19 pandemic, there has been a rising trend in the instances and severity of penalties imposed on Indian financial institutions by the Reserve Bank of India (RBI) and the Financial Intelligence Unit, India (FIU-IND), which highlights a broadening and deepening of supervisory oversight across the financial services industry in India.

An analysis of the penalties imposed by the RBI and FIU-IND for KYC/AML/CFT violations offers valuable insights and lessons into enforcement patterns and regulatory expectations for Indian financial institutions.

Fintelekt’s report on KYC/AML/CFT Penalties in India provides a comprehensive analysis of penalties imposed in FY 2023-24 and covers:

• Overall Trends
• Penalties by the RBI vs FIU-IND
• Analysis by Sector
• Reasons for Imposing Penalties
• The Highest Penalties in FY 2023-24
• Learnings from the Case of Paytm Payments Bank
• Key overall learnings from the penalties in FY 2023-24

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