Financial Intelligence Unit imposes ₹37 lakh penalty on Union Bank of India

New Delhi, Apr 16, 2025

Union Bank said it has taken necessary preventive measures to avoid recurrences of such non-compliances"

The Financial Intelligence Unit (FIU) has slapped a ₹37 lakh penalty on Union Bank of India for discrepancies in reporting suspicious transactions for 2011-2014.

In a regulatory filing on Wednesday, Union Bank said it "has taken necessary preventive measures to avoid recurrences of such non-compliances".

Financial Intelligence Unit-India (FIU-IND) in its order dated April 15 imposed a penalty of ₹37 lakh for "discrepancies observed in a matter for the year 2011 to 2014 in reporting of suspicious transaction".

Shares of Union Bank were trading at ₹24.70, up 1.88 per cent over previous close on BSE.

[Press Trust of India]