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Brief
The Financial Intelligence Unit - India (FIU-IND) issued a notice to Bonanza Portfolio Limited for non-compliance with Section 12 of the Securities and Exchange Board of India Act, 1992. The notice followed a comprehensive review that uncovered irregularities related to Know Your Customer (KYC)/Anti-Money Laundering (AML) compliance. The RE was found guilty of violating various sections of the Prevention of Money Laundering Act (PMLA), including failure to report suspicious transactions and conduct ongoing due diligence. A total fine of ₹19,40,000 was imposed on the RE for these violations. The RE was also directed to implement several measures to improve its KYC/AML compliance, including reviewing and revising its policies and conducting a re-examination of SEBI orders.
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