PMLA Appellate Tribunal Imposes Fine on Axis Bank

Source |12:13 27 Jun 25

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The PMLA Appellate Tribunal has imposed a fine of ₹39.20 lakh on Axis Bank for violations of PMLA provisions.
The order, dated March 27, 2025, was received by the bank on June 26, 2025.
The fine was reduced from ₹2.64 crore based on an appeal by the bank against an order dated April 13, 2016, of the Financial Intelligence Unit (FIU).
The violations relate to:
Failing to evolve proper internal mechanisms for detecting and reporting suspicious transactions.
Not filing correct CTRs for 1063 cash transactions.
Failure in carrying out proper identification and verification for certain accounts.
The bank is assessing the order and considering further appeal options.
The bank does not expect any material impact on financial, operation or other activities due to the said order.

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