January 30, 2017
More than half of commercial and development banks operating in the country do not review money laundering risks at every transaction, signalling an indifferent approach to curbing financial crimes that could tarnish the banking sector’s image abroad.
At present, only 41 percent banks are reviewing money laundering risks at every transaction, says a latest report titled ‘Anti-Money Laundering Process Maturity’ prepared jointly by Fintelect, an India-based research firm, and the National Banking Institute.