Anti-Financial Crime & Financial Crime Compliance
Leadership | Insight | Network

Asia-Pacific, Compliance News, Financial Services

PayPal slapped with ₹9.6 million fine by India’s top financial regulator under country’s money laundering laws


PayPal has been fined ₹9.6 million (€106,000) by the Indian government for not complying with anti-money laundering laws and concealing suspicious transactions.

The Financial Intelligence Unit (FIU) under India’s finance ministry said the US-based online payments giant contravened anti-money laundering laws and abetted the “disintegration” of the country’s financial system.

The company has also been charged with “defeating and frustrating” the tenets of public interest and provisions of the Prevention of Money Laundering Act (PMLA), calling the contraventions “deliberate and willful”.

AML Intelligence
Subscribe now to have unlimited access

With our subscription, you will have unlimited access to the AML Intelligence site, updated daily with the latest analysis, opinion, and breaking news across the sector, newsletter delivered twice per week, access to our Global Bank Fines & Penalties database, free access to Boardroom Series and more!