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MUMBAI - Axis Bank (NSE:AXBK) Limited (NSE:AXISBANK) has been fined ₹3.92 million ($39.2 lakhs) by the Prevention of Money Laundering Act (PMLA) Appellate Tribunal for violations of anti-money laundering regulations, according to a press release statement issued by the bank.
The order, dated March 27, 2025, was received by Axis Bank on June 26, 2025. The tribunal significantly reduced the original penalty from ₹26.43 million imposed by the Financial Intelligence Unit (FIU) in April 2016 following an appeal by the bank.
The violations cited in the order include failure to develop proper internal mechanisms for detecting suspicious transactions between April 2006 and February 2010, incorrect filing of cash transaction reports for 1,063 transactions from May 2006 to August 2009, and inadequate verification procedures for multiple accounts including those of Balaji Bullion Group companies.
In its disclosure to stock exchanges, Axis Bank stated it is "assessing the order for next steps, including the possibility of further appealing the matter." The bank does not anticipate any material impact on its financial operations from the penalty.
The case represents the resolution of compliance issues dating back more than 15 years, with the original FIU order issued in 2016 and the appellate decision reducing the fine by approximately 85 percent.
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