FIU has identified around 50,000 accounts lacking proper KYC verification and potentially engaged in suspicious transactions and money laundering activities
Approximately 30,000 of these accounts belong to payment banks other than Paytm Payments Bank
The lapses by such banks include failure to report suspicious transactions, neglecting to maintain beneficial owner details, and registration of multiple users using a single income tax PAN
In the wake of the Reserve Bank of India’s (RBI) crackdown on Paytm Payments Bank, more payment banks are likely to face regulatory action as the Financial Intelligence Unit (FIU) has identified around 50,000 accounts sans know-your-customer (KYC) verification and potentially engaged in suspicious transactions and money laundering activities.
Approximately 30,000 of these accounts belong to payment banks other than Paytm Payments Bank. The Reserve Bank of India (RBI) is currently investigating these accounts and has requested additional information, people familiar with the matter told ET.