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RBI Issues Monetary Penalty On Bank Of India For Violation Of KYC Regulations
Reserve Bank of India (RBI) announced a monetary penalty of Rs 70 lakh against Bank of India for violating Know Your Customer standards on July 8. "This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," RBI said. RBI issued a directive after considering the bank's reply.
Tags: RBI, Monetary Penalty, Bank of India, KYC, money transactions
Courtesy: ANI
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Goa Casinos Involved In Money Laundering, Alleges Lokhancho Ekvott
Lokhancho Ekvott, a Goan social forum, alleges that casinos in Goa are conducting massive cash transactions in contravention of the money laundering act. Casinos have devised a new approach to get around these restrictions by allowing third parties to take package deal reservations. Some well-known gamblers make payments outside of India and are offered "travel packages" or "coupons" or "discount cards" that allow them to take advantage of… read-more
Tags: Goa, casino, MONEY LAUNDERING, money transactions
Courtesy: Press Trust Of India
