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HDFC Penalized by Central Bank for KYC Non-Compliance
June 20, 2019
Private sector HDFC Bank was recently penalized by central bank RBI for failing to report frauds, and non-compliance of anti-money laundering and Know Your Customer (KYC) Norms.
The Reserve Bank of India said that a reference was provided by customs authorities about certain importers who submitted the fake bill of entries (BoEs) to the lender for remittance of foreign currency. The monetary penalty was imposed on the lender based on the same, it said.
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