India's chief banking regulator last year handed down a record number for anti-money laundering and know-your-customer penalties, more than quadrupling enforcement actions levied during the prior year, according to bank statistics. All told, the Reserve Bank of India (RBI) issued more than 70 enforcement actions against banks and other financial institutions for the violations, according to the regulator. The number compares to the total 15 related penalties RBI issued in 2010, according to a July 11 story by the Economic Times. The fines have coincided with a rise in the number of money laundering prosecutions by India's government, which passed...
A diamond trading group tied to one of India's largest bank loan defaults is suing over allegations that the soured deal was part of an elaborate fraud that violated the country's anti-money laundering laws.
The U.S. government's financial intelligence unit will resume an abandoned practice of fining banks for Bank Secrecy Act violations apart from the enforcement actions it works on with federal regulators, say sources.
Federal regulators are likely to scrutinize banks that outsource their compliance duties in the wake of a $1 billion accounting scandal in India involving New Delhi-based Satyam Computer Services Ltd. It offered U.S. companies various services, including anti-money laundering compliance.
The Republic of India is likely to be the next nation to join the Financial Action Task Force, which sets global anti-money laundering standards, according to a report Monday by an Indian news organization.