Set up anti-money laundering system: IBA tells banks

Banks will do well if they put in place a centralised control system to monitor each and every transaction taking place across their network...

Banks will do well if they put in place a centralised control system to monitor each and every transaction taking place across their network of branches as part of their anti-money laundering (AML) drive, said H.N. Sinor, chief executive, Indian Banks’ Association (IBA).

Pointing out how a single person is able to monitor all transactions put through on the Nasdaq, Sinor said, each bank in the country should emulate/ evolve such a system so that they do not unwittingly become parties to money laundering.

Emphasising that implementation at the ground level is key to effectively following AML measures, he said, IBA is working on detailed operational guidelines on AML, which will be unveiled shortly. The IBA chief was speaking after releasing the KPMG survey on anti-money laundering.

Story continues below this ad

Underscoring the need for India to join the Financial Action Task Force, he observed that this will enable the country to have its own say in matters pertaining to AML and also facilitate sharing of various perspectives on a cross-country basis.

The AML regime in India is in the first stage of implementation and it would take time for processes to settle down, Sinor said.

Wankhede has claimed that the series disseminates a misleading and negative portrayal of anti-drug enforcement agencies, thereby eroding public confidence in law enforcement institutions.

‘Intent to malign reputation’: Sameer Wankhede moves Delhi HC against Aryan Khan

Cities26 min ago

IRS officer Sameer Wankhede filed a defamation suit against the production company, Netflix, and others for the "misleading" and "negative" portrayal of anti-drug agencies in the series 'Ba****ds of Bollywood'. He claims the series was deliberately made to tarnish his reputation and erode public confidence in law enforcement institutions.

View all shorts

Live Blog

PHOTOS