Bank of America N.A

RBI imposed a monetary penalty of ₹10,000 on Bank of America, N.A. for non-compliance with reporting requirements under the Liberalised Remittance Scheme.

Bank of America, N.A. must absorb the monetary penalty and ensure future compliance with RBI reporting requirements under the Liberalised Remittance Scheme. The action does not itself impose a business restriction, but it signals heightened compliance expectations for the bank’s cross-border remittance reporting obligations.

• Section 11(3) of FEMA, 1999

RBI imposed monetary penalties on 36 banks for non-compliance with SWIFT-related operational control directions. The penalties were issued by orders dated January 31 and February 25, 2019.

The penalized banks must absorb the financial penalty and continue improving compliance with SWIFT-related controls. RBI also stated it will continue to closely monitor adherence to these controls on an ongoing basis; the action does not pronounce on the validity of customer transactions or agreements.

• Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 36 entities. This profile is linked as bulk member.

RBI imposed monetary penalties on 19 commercial banks for violating its derivatives-related instructions. The banks were found to have failed on due diligence, suitability checks, and related verification requirements.

Each of the 19 named banks must absorb the monetary penalty and address the compliance gaps identified by RBI. The action does not impose an ongoing operational restriction, but it signals scrutiny over derivatives sales, suitability checks, and underlying verification controls.

• Section 47A(1)(b) read with Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 19 entities. This profile is linked as bulk member.