India’s central bank has fined Amazon Pay around $375,000 for non-compliance with pre-paid payment instruments and KYC rules.
The Reserve Bank of India says it imposed the 30.7 million rupee penalty “based on deficiencies in regulatory compliance,” says a statement.
The central bank says that after concluding that Amazon Pay was non-compliant it asked the firm for a response before deciding that the issue “warranted imposition of monetary penalty”.
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- Source: https://www.finextra.com/newsarticle/41910/rbi-fines-amazon-pay-over-kyc-non-compliance?utm_medium=rssfinextra&utm_source=finextrafeed