REG - Axis Bank Ltd Axis Bank Ltd (144A) - Penalty

Axis BankAnnouncement

27/06/2025 13:30

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RNS Number : 8027O  Axis Bank Limited  27 June 2025

 

 

AXIS/CO/CS/150/2025-26

 

June 27, 2025

 

 National Stock Exchange of India Limited  BSE Limited

 Exchange Plaza, 5th Floor                 1(st) Floor,

 Plot No. C/1, "G" Block                   P. J. Towers,

 Bandra-Kurla Complex                      Dalal Street

 Bandra (E), Mumbai - 400 051              Fort, Mumbai - 400 001

 NSE Symbol: AXISBANK                      BSE Scrip Code : 532215

 

Dear Sir/Madam,

 

Sub.: Disclosure under Regulation 30 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015.

 

This is to inform you that the PMLA Appellate Tribunal vide its order dated
March 27, 2025, has imposed a fine of Rs. 39,20,000/- (Rupees Thirty-Nine
Lakhs Twenty Thousand only) for violation of certain provisions of Prevention
of Money Laundering Act, 2002 (PMLA provisions). The said order was received
by the Bank on June 26, 2025.

 

We further wish to inform that the fine amount was reduced by the PMLA
Appellate Tribunal from Rs. 2,64,30,000 (Rupees Two Crores Sixty-Four Lakhs
Thirty Thousand) to Rs. 39,20,000 (Rupees Thirty-Nine Lakhs Twenty Thousand
only) based on the Appeal filed by the Bank against order
dated                               April 13,
2016, of Financial Intelligence Unit (FIU).

 

The Bank is assessing the order for next steps, including the possibility of
further appealing the matter.

 

The relevant information is attached as Annexure A.

 

This is for your information and records.

 

Thanking You.

 

Yours faithfully,

For Axis Bank Limited

 

 

 

Sandeep Poddar

Company Secretary

Encl.: As above.

CC: London Stock Exchange

        Singapore Stock Exchange

 

Annexure A

 

 Sr No  Particulars                                                                 Details
 1      Name of the Authority                                                       PMLA Appellate Tribunal
 2      Nature and details of the action(s) taken, initiated or order(s) passed     Monetary fine of Rs. Rs. 39,20,000/- (Rupees Thirty-Nine Lakhs Twenty Thousand
                                                                                    only).
 3      Date of receipt of direction or order, including any ad-interim or interim  Order dated March 27, 2025, which was received by the Bank on June 26, 2025.
        orders, or any other communication from the authority
 4      Details of the violation(s)/ contravention(s) committed or alleged to be    Violation of PMLA provisions as under:
        committed

                                                                                    i.   failing to evolve proper internal mechanism for detecting and reporting
                                                                                    suspicious transactions during the 46 months period from April 2006 to
                                                                                    February 2010.

                                                                                    ii.  for not filing correct CTRs for 1063 cash transactions that took place
                                                                                    during May 2006 to August 2009

                                                                                    iii. for failure in carrying out proper identification and verification in
                                                                                    respect of 56 accounts of Balaji Bullion Group companies, one account of
                                                                                    Narmada Vikas Pariyojana, and 55 accounts related to the Maple Advisory
                                                                                    Services Pvt. Ltd. and related accounts.
 5      Impact on financial, operation or other activities of the listed entity,    Fine of Rs. 39,20,000/- (Rupees Thirty-Nine Lakhs Twenty Thousand only).
        quantifiable in monetary terms to the extent possible

                                                                                    The Bank does not expect any material impact on financial, operation or other
                                                                                    activities of the Bank due to the said order.

 

http://www.rns-pdf.londonstockexchange.com/rns/8027O_1-2025-6-27.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/8027O_1-2025-6-27.pdf)

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