- Topics
- Regions
- Events
- Webcasts
- Resources
- CW Exclusives
- Membership
“For tracking litigation, enforcement, and regulatory developments, Compliance Week
should be your prime source.”- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
Paytm denies money laundering claims amid regulatory scrutiny
By 
Aaron Nicodemus2024-02-05T21:28:00
The Reserve Bank of India (RBI) ordered a halt to many banking activities of digital payments provider Paytm while the regulator investigates “persistent noncompliances and continued material supervisory concerns.”
Paytm Payments Bank and its parent company, One97 Communications, made several disclosures to the National Stock Exchange of India indicating One97 would continue operating despite the RBI’s “embargo” on Paytm. The company also tamped down speculation the RBI’s enforcement directorate was conducting investigations into money laundering or foreign exchange rules violations at Paytm.
In addition to ceasing the acceptance of new customers, the RBI ordered Paytm to stop taking deposits and processing credit transactions or fund transfers after Feb. 29, it said in a Jan. 31 press release.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefCity National Bank ordered to pay $65M over deficient risk, internal controls
The Office of the Comptroller of the Currency levied a $65 million civil penalty against Los Angeles-based City National Bank over alleged risk management and internal control failures.
-
News BriefTD Bank reportedly facing fine for faulty AML controls
The Financial Transactions and Reports Analysis Centre of Canada is reportedly preparing to issue its largest fine to date against TD Bank for faulty anti-money laundering controls.
-
News BriefICBC fined $32M by NYDFS, Fed over compliance lapses
The Industrial and Commercial Bank of China and its New York branch agreed to pay $32.4 million in penalties levied by two regulators for failing to address compliance failures and for the unauthorized disclosure of confidential supervisory information to an overseas regulator.
More from Regulatory Enforcement
-
News BriefFTC sues GM for selling location and behavioral data without drivers' consent
General Motors failed to disclose to customers that it tracked their precise locations and driving behavior and sold the data to third parties, the Federal Trade Commission alleged in a proposed order.
-
News BriefCash App owner Block to pay $175M over fraud caused by lax consumer protection practices
Block, the owner of Cash App and Square, will pay $175 million to settle allegations that its lax consumer protection practices put customers at high risk of fraud, the Consumer Financial Protection Bureau said.
-
News BriefFTC orders Mobilewalla, Gravy Analytics to stop collecting geolocation data without permission
Two large data brokers, Mobilewalla and Gravy Analytics, collected billions of records containing sensitive geolocation and personal data of millions of people, and then sold it without their consent, the Federal Trade Commission said.