Bank of Baroda on Monday July 25,2016 said the Reserve Bank of India(RBI) has imposed a penalty of Rs. 5 crore on it.
The penalty follows the RBI carrying out investigation and noting
deficiencies which were reflective of weaknesses and failures in intemal
control mechanisms in respect of certain AML (anti-money laundering)
provisions such as monitoring of transactions, timely reporting to FIU
(Financial Intelligence Unit), and assigning of UCIC (unique customer
identification code) to customers, the public sector bank said in a
notice to the BSE.
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