Banking · Anti-Money Laundering and PMLA
A prominent Urban Co-operative Bank (UCB) observes the following two suspicious transaction patterns in a short period of one month: (i) A dormant Savings Bank (SB) account of an individual, which typically sees deposits of INR 5,000-10,000, suddenly receives three separate cash deposits of INR 9,50,000, INR 9,80,000, and INR 9,90,000 on consecutive days, totaling INR 29,20,000. (ii) A Current Account of a newly established small firm, trading in non-conventional goods, records a total of 25 cash withdrawals of INR 5,00,000 each, spread across the month, totaling INR 1,25,00,000. Considering the provisions of the Prevention of Money Laundering Act (PMLA), 2002, the PMLA Rules, 2005, and the role of the Financial Intelligence Unit - India (FIU-IND), which combination of reports must the UCB file to the FIU-IND based on the transactions described in patterns (i) and (ii), respectively?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
- 1Pattern (i) requires Suspicious Transaction Report (STR) and Pattern (ii) requires CTR only.
- 2Pattern (i) requires both CTR and STR; Pattern (ii) requires Cross Border Wire Transfer Report (CBWTR) only.
- 3Pattern (i) requires Suspicious Transaction Report (STR) only; Pattern (ii) requires both CTR and STR.✓
- 4Pattern (i) requires Cash Transaction Report (CTR) only; Pattern (ii) requires Suspicious Transaction Report (STR) only.
Correct answer
Pattern (i) requires Suspicious Transaction Report (STR) only; Pattern (ii) requires both CTR and STR.
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