India’s central bank has fined Amazon Pay’s Indian arm more than $373,300. This is due to a violation of local guidelines regarding Know Your Customer and prepaid payment instrument standards.
In a statement (PDF), the Reserve Bank of India stated that Amazon Pay (India) did not comply with certain provisions of the Guidelines for Prepaid Payment Instruments (Required for Businesses to Operate as Digital Wallets) said to know The central bank said he explained the KYC requirements, but did not explain exactly which rules he violated.
“Therefore, a notice has been issued to the Entity stating why it should not impose penalties for non-compliance with the instructions. We have concluded that the charges have been substantiated and the imposition of the fines justified,” the RBI said in a statement.
The fine comes as India’s central bank tightens compliance requirements for domestic fintech and big tech companies to crack down on money laundering and predatory business practices.
India is an important market for Amazon, with more than $7 billion deployed in India over the past decade.
“We remain committed to operating within regulatory guidelines and maintaining high compliance standards, while innovating on behalf of our customers to provide a safe and convenient payment experience. We will continue to work closely with authorities to share our commitment to ,” an Amazon spokesperson said in a statement.
