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

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FIU imposed a Rs 37 lakh penalty on Union Bank for lapses in suspicious transaction reporting from 2011–2014.
The bank stated it has implemented preventive steps to avoid future non-compliance.
The penalty order was issued by FIU-IND on April 15.
Union Bank shares rose 1.88% to Rs 124.70 on the BSE post-announcement.

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