The Reserve Bank of India (RBI) has slapped penalties of Rs 55 lakh on ING Vysya Bank , a private sector lender based in Bangalore and Rs 30 lakh on ICICI Bank, the second largest lender in terms of loan book, for violating Know Your Customer (KYC) norms.
"The penalties have been imposed on these banks for contravention of various directions and instructions issued by the RBI on KYC norms/anti-money laundering (AML) standards/combating of financing of terrorism (CFT) / prevention of money laundering act, 2002," the regulator said in a release on Wednesday.
The violation of directions was observed on failure to obtain adequate documents for opening accounts, failure to carry out sufficient customer identification procedures, failure to examine control structure of entities, failure to ascertain the identification of natural persons behind entities, failure to carry out effective enhanced due diligence, failure to carry out appropriate risk categorisation and delay in filing the suspicious transaction reports.
Earlier, the regulator had issued show case notices to those banks. Later, the lenders had submitted their written replies.
"On a careful examination of the banks' written replies and the oral submissions made during the personal hearings, the RBI found that the violations were established and the penalties were accordingly imposed," the central bank said.
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