Union Bank fined ₹54 lakh for violating anti-money laundering act

The Union Bank of India has been fined ₹54 lakh by the Financial Intelligence Unit (FIU) over multiple violations under the Prevention of Money Laundering Act. The bank failed to report suspicious transactions and didn't carry out due diligence for certain accounts, FIU said. The alerts generated for the accounts were closed with "minimal justification", it added.