- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
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.
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.
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.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
