Financial Intelligence Unit-India slaps Rs 37 lakh penalty on Union Bank of India

Union Bank Of India | Bank - Public | BFSI | BSE: 532477 | NSE: UNIONBANK

16 Apr 2025 Evaluate

Financial Intelligence Unit-India (FIU-IND) in its order dated April 15, 2025 has slapped a Rs 37 lakh penalty on Union Bank of India for discrepancies observed in a matter for the year 2011 to 2014 in reporting of suspicious transaction. The bank has taken necessary preventive measures to avoid recurrences of such non-compliances.

Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories - Deposits, Loans and Advances, and Remittances & Collections.

Peers

Company Name	CMP
State Bank Of India	982.50
PNB	116.70
Bank Of Baroda	235.25
Canara Bank	124.95
Union Bank Of India	180.00
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Name of the IA registered with SEBI:	The Alchemists Ark Pvt. Ltd.
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Trade/Brand Name of IA:	MoneyWorks4Me Investment Advisers
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SEBI Registration Number:	INA000013323 Validity – May 16, 2019 – Perpetual
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Compliance Officer Details:	Name: Shrikant Jagtap Email: shrikant.jagtap@moneyworks4me.com	Telephone: +919860359463 Address: Same as IA
Grievance Officer Details:	Name: Mukta Vaze Email: mukta.vaze@moneyworks4me.com	Telephone: +919860919463 Address: Same as IA
Principal Officer Details:	Name: Atharva Bhide Email: atharva.bhide@moneyworks4me.com	Telephone: +919175899463 Address: Same as IA
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