Catholic Syrian Bank Limited

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 a Rs. 10 lakh penalty on Catholic Syrian Bank Ltd. for KYC/AML violations and weak internal controls. The violations were found established after a show-cause process.

Catholic Syrian Bank Ltd. must absorb the penalty and address the compliance weaknesses identified by RBI, especially around KYC/AML controls and internal detection mechanisms. The action does not impose an ongoing operating restriction, but it signals heightened regulatory scrutiny of the bank's account-opening and monitoring processes.

• Section 47A(1)(b) of the Banking Regulation Act, 1949