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Despite Record Enforcements, India’s Clampdown on Launderers Leaves Doubts
By Brian Monroe
printIndia'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...
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