Banks are expected to submit reports on fraudulent transactions handled at the branches to the Finance Ministry, but most of such incidents go unreported. The financial intelligence unit of the Finance Ministry will impose penalty on banks that do not report fraudulent transactions, said Sanjay Kumar, Additional Director, financial intelligence unit, Finance Ministry. He was addressing a seminar on ‘compliance with Prevention of Money Laundering Act,’ organised by the National Federation of Urban Cooperative Banks and Credit Societies and Kerala Cooperative Urban Banks and Credit Societies, on Wednesday. He said the financial intelligence unit had imposed penalty on some private banks for not complying with the Act. P.N. Nandakumar, AGM, RBI, Thiruvananthapuram, inaugurated the seminar.
The Hindu
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