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Money laundering suspected: More payment banks under scanner

Economic Times

Economic Times · 1y ago

Money laundering suspected: More payment banks under scanner

The Financial Intelligence Unit (FIU) has identified approximately 50,000 payment bank accounts in India that lack proper know-your-customer (KYC) verification, leading to suspicions of money laundering activities. While around 30,000 of these accounts are associated with payment banks other than Paytm Payments Bank, the Reserve Bank of India (RBI) is currently investigating the issue. The lapses include failure to report suspicious transactions, lack of beneficial owner details, and registering multiple users with a single PAN. The FIU will submit a comprehensive report on the deficiencies before March 31st.

Related News

After RBI’s Paytm Clampdown, More Payments Bank Under Lens On KYC Worries

Inc42 · 1y ago

After RBI’s Paytm Clampdown, More Payments Bank Under Lens On KYC Worries

The Financial Intelligence Unit (FIU) has identified around 50,000 accounts without proper KYC verification in various payment banks in India, potentially involved in suspicious transactions and money laundering activities. These banks, including Paytm Payments Bank, are under scrutiny by the Reserve Bank of India (RBI) for failures such as not reporting suspicious transactions, lack of beneficial owner details, and registration of multiple users with a single PAN. The FIU is expected to provide a comprehensive report on these deficiencies before the end of March.

After Six-Year Battle, PayPal Registers With FIU Under Anti Money Laundering Law

Inc42 · 1y ago

After Six-Year Battle, PayPal Registers With FIU Under Anti Money Laundering Law

US-based online payment gateway PayPal has registered with the Financial Intelligence Unit of India (FIU) after a six-year legal battle. PayPal has become a reporting entity under the Prevention of Money Laundering Act (PMLA) and has appointed a principal officer to communicate with the FIU. The FIU is responsible for processing and analysing information on suspicious financial transactions. In December 2020, PayPal was fined INR 96 Lakh by the anti-money laundering agency for non-compliance with the PMLA. The Delhi High Court later overturned the penalty and ruled that PayPal is a payment system operator and must follow reporting obligations under the PMLA.

UAE rule, wary I-T to deter dodgy crypto deals

Economic Times

Economic Times · 1m ago

UAE rule, wary I-T to deter dodgy crypto deals

India's Income Tax department is scrutinizing real estate transactions suspected to be funded through cryptocurrencies. Meanwhile, the UAE is implementing new regulations to curb crypto-based purchases, allowing only stablecoins converted by licensed entities under strict KYC norms. These moves, part of broader efforts to combat money laundering and ensure tax compliance, aim to increase transparency and traceability in digital financial flows, impacting Indian investors engaging in the UAE's economy.

Binance, Kucoin, and OKX expelled from Apple App Store amid Indian regulatory pressure

Livemint

Livemint · 1y ago

Binance, Kucoin, and OKX expelled from Apple App Store amid Indian regulatory pressure

Apple has removed Binance, the world's largest cryptocurrency exchange, from its App Store in response to a show-cause notice from the Finance Ministry regarding non-compliance with India's money laundering laws. The Financial Intelligence Unit had issued notices to nine offshore virtual digital asset service providers, including Binance, for operating in the country without adhering to anti-money laundering regulations. Alongside Binance, other apps such as Kucoin and OKX have also been removed from the App Store. Binance is currently under investigation in the United States for violating anti-money laundering laws.

ED summons Google, Meta on July 21 in betting app case - The Economic Times

Economic Times

Economic Times · 20d ago

ED summons Google, Meta on July 21 in betting app case - The Economic Times

India's Enforcement Directorate has summoned Google and Meta over alleged money laundering linked to illegal betting apps. The probe is part of an investigation under the Prevention of Money Laundering Act. Authorities aim to understand the role of these tech firms in promoting such apps and uncover their financial links with hawala operators and white-label platforms. The summons follows raids in Mumbai, where unaccounted cash and luxury items were seized.

US banks tiptoe toward crypto, awaiting more green light from regulators

Economic Times

Economic Times · 2m ago

US banks tiptoe toward crypto, awaiting more green light from regulators

Major U.S. banks are cautiously exploring expansion into cryptocurrencies amidst regulatory shifts. While some, like JPMorgan, remain skeptical, others are planning limited pilot programs and potential partnerships with crypto firms. Banks seek clearer regulations, especially regarding anti-money laundering and market-making for digital assets. Regulatory changes have eased some restrictions, encouraging interest in custody services and crypto trading. Overall, banks are treading carefully, eager for concrete guidelines before fully committing to the crypto space.

IRCTC & Land-for-jobs-cases: ED to expedite conclusion of arguments on charges against Lalu and others

Economic Times

Economic Times · 1m ago

IRCTC & Land-for-jobs-cases: ED to expedite conclusion of arguments on charges against Lalu and others

The Enforcement Directorate (ED) is expediting its arguments on framing charges in two money laundering cases involving Lalu Prasad, his family, and others under the Prevention of Money Laundering Act. These cases are related to FIRs filed by the CBI in the IRCTC and land-for-jobs corruption scandals. With legal issues now resolved, ED is set to provide necessary documents to the accused for the court to determine if there’s enough evidence for trial.

From Juice and Tyre Shops to the Mahadev Money Laundering Scheme The Rise and Fall of Sourabh Chandrakar and Ravi Uppal

Business Bytes

Business Bytes · 1y ago

From Juice and Tyre Shops to the Mahadev Money Laundering Scheme The Rise and Fall of Sourabh Chandrakar and Ravi Uppal

Sourabh Chandrakar and Ravi Uppal, hailing from humble backgrounds in Chhattisgarh, are under investigation for alleged money laundering. They began with juice and tyre shops but transitioned to online betting apps under the banner of "Mahadev," potentially involving Rs 5,000 crore in money laundering. Their journey reflects ambition and opportunity, with their empire reaching daily earnings of Rs 200 crore. However, the Enforcement Directorate is investigating their financial dealings, resulting in non-bailable warrants. Their story underscores the complex interplay of ambition, opportunity, and legal boundaries and serves as a cautionary tale of the consequences of unchecked ambition.

FIU, ED Seek Report From RBI On Paytm

OutlookIndia

OutlookIndia · 1y ago

FIU, ED Seek Report From RBI On Paytm

The Enforcement Directorate (ED) and the Financial Intelligence Unit (FIU) have requested the Reserve Bank of India (RBI) to share a report on the recent action taken against Paytm Payments Bank Ltd. The ED is looking to analyze if a probe needs to be initiated, while the FIU wants to assess if Paytm followed the required procedures under the Prevention of Money Laundering Act. The RBI had barred Paytm Payments Bank from accepting customer deposits or top-ups, but Paytm denies any wrongdoing and claims they are not under investigation for money laundering or foreign exchange violations.

Israel-based startup ThetaRay raises $57 million in private round

Economic Times

Economic Times · 1y ago

Israel-based startup ThetaRay raises $57 million in private round

Israeli company ThetaRay has raised $57 million in a funding round led by fintech platform Portage. ThetaRay utilizes artificial intelligence to identify financial cyber threats, such as money laundering, enabling users to take action against suspicious transactions. The funding will support the company's global growth plans and meet the growing demand for next-generation financial crime detection technology among banks and fintechs looking to replace legacy tools. Other investors in the round included venture capital funds JVP, OurCrowd, and more.

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