Thursday, May 15, 2008

'Many foreign banks are present in India. What role do they play?'

Anti-money laundering readiness of Indian banks

While the US woke up to the necessity of anti-money laundering preparedness (or the lack of it) after September 2001, there are concerns that it might take our very own 9/11 to learn it the ‘hard way’. “In India, one of the functions of the Financial Intelligence Unit (FIU) is to review suspicious transactions reported by the banks.
However, this is not systemised and these reports are mostly a few months old, when they are up for review within the bank,” says Mr Sarabjeet Singh, a Partner in the Risk Practice at BMR Advisors ( ).


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