Union Bank of India has disclosed that the Financial Intelligence Unit-India (FIU-IND) has imposed a penalty of ₹37 lakh on the bank for discrepancies in reporting suspicious transactions during the period from 2011 to 2014.
The FIU’s action stems from gaps identified in the bank’s compliance with anti-money laundering (AML) norms, specifically in its reporting of suspicious transaction reports (STRs). These discrepancies were flagged during a review conducted by FIU-IND, which assessed Union Bank’s adherence to AML standards over the specified timeframe.
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Union Bank has assured stakeholders that the impact of this penalty on its financial and operational activities is not significant. The bank further stated that it has implemented necessary preventive measures to ensure stricter compliance and avoid recurrence of such lapses in the future.
In a stock exchange filing, Mangesh Mandrekar (Company Secretary, Union Bank of India) confirmed the bank’s receipt of an April 15, 2025 penalty notice.
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