January 30 2016
In what appears to be a reaction to stricter norms by banking regulators across the world, India’s public sector banks, including State Bank of India and Bank of Baroda, are creating a separate and stronger anti-money laundering (AML) framework for their branches outside India.
While the priority is to have AML framework in place in Europe and the United States, the framework is also being created in Dubai, South Africa, Mauritius and Singapore, where there is a high risk, people close to the development said.
Industry trackers said that in the last couple of months, many regulators have warned many banks including Indian ones to make their AML framework stricter.