Punjab National Bank (PNB) has disclosed details regarding a penalty imposed by the Appellate Tribunal under SAFEMA. The penalty, amounting to ₹15.37 Crores, relates to a Financial Intelligence Unit (FIU) order from July 29, 2019. PNB has already taken corrective steps and believes the penalty will not materially impact the bank’s financial position or operations. The bank retains the option to appeal.
Penalty Details
PNB has received an order from the Appellate Tribunal under SAFEMA (Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976), imposing a monetary penalty of ₹15,37,50,000.
Background
The penalty stems from a FIU-IND order dated July 29, 2019, with the Appellate Tribunal issuing its order on November 13, 2025. The penalty is the outcome of an appeal filed by PNB against the original order passed by the Director, Financial Intelligence Unit- India (FIU).
Violation Period and Corrective Actions
The penalty pertains to a review period from April 1, 2016, to November 30, 2017. PNB states that it has already implemented necessary corrective measures and strengthened its systems to prevent future non-compliances.
Impact Assessment
PNB asserts that the entire penalty amount has been fully provided for in its accounts. As a result, the bank anticipates no material impact on its financial position or its operational activities.
Option to Appeal
PNB maintains the option to file an appeal with the High Court against the Appellate Tribunal’s order, within 45 days of the order date.
Source: BSE
