RBI imposes monetary penalty on Anand Rathi Global Finance Limited, Mumbai, Maharashtra

Case Brief

RBI imposed a monetary penalty of ₹20 lakh on Anand Rathi Global Finance Limited, Mumbai, Maharashtra, by order dated October 30, 2023. The penalty was levied for non-compliance with certain provisions of the RBI (Know Your Customer (KYC)) Directions, 2016, after a statutory inspection found that the company failed to conduct ongoing due diligence of customers, including risk categorisation and effective identification and reporting of suspicious transactions through robust software. RBI said the action was based on regulatory compliance deficiencies and did not pronounce on the validity of any customer transactions or agreements.