NEWS & ADVICE : SAVINGS ACCOUNTS
Anti-money laundering system is perfect, says RBI
By Neelima Shankar
Mar 22, 2013
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The Reserve Bank of India has downplayed the money laundering allegations against top three private sector banks- ICICI BankHDFC Bank and Axis Bank, saying that the country has a "perfect" system to prevent such offences and no such transactions took place in the sting operation.

Last week, top three banks were accused of indulging in money laundering, both within and outside by an online portal Cobrapost claiming that the sting operation conducted by it had revealed a scam.

"Allegations do not mean flouting norms. There is not a single transaction which has taken place. KYC (Know Your Customer) violations will happen in any system. These are all transactional issues and have nothing to do with money laundering," said deputy governor, Mr. K C Chakraborty.

Mr. Chakraborty was responding to a question on the issue and said, "There is no scam (that) has happened... As no transaction has taken place. Let us not unnecessarily downgrade ourselves. Our system to prevent money laundering is perfect ... absolutely nothing (wrong with it)."

Mr. Chakraborty also said that the central bank will further tighten the anti-money laundering norms if needed. "If we find there is a need to further tighten any guidelines, we'll do that."


 


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