India’s central financial institution has slapped Amazon Pay’s India unit with a positive of over $373,300 for non-compliance with native tips surrounding know your buyer and pay as you go fee devices norms.
The Reserve Financial institution of India stated in a press release (PDF) that Amazon Pay (India) was non-compliant with sure provisions of the rules on pay as you go fee devices (required by an organization to function as a digital pockets) and know your buyer issued by the central financial institution on KYC necessities, however didn’t elaborate exactly which guidelines have been violated.
“Accordingly, discover was issued to the entity advising it to point out trigger as to why penalty shouldn’t be imposed for non-compliance with the instructions. After contemplating the entity’s response, RBI concluded that the aforesaid cost of non-compliance with RBI instructions was substantiated and warranted imposition of financial penalty,” it stated in a press release.
The positive comes at a time when the Indian central financial institution is toughening its compliance necessities for fintech and Large Tech companies within the nation because it cracks down on cash laundering and predatory enterprise practices.
India is a key marketplace for Amazon, which has deployed over $7 billion within the nation over the previous decade.
“We stay deeply dedicated to working as per regulatory tips and sustaining a excessive compliance bar, whereas we innovate on behalf of our prospects to supply them a secure and handy funds expertise. We proceed to work intently with the authorities to share our dedication with them,” an Amazon spokesperson stated in a press release.
