..............Cobrapost has captured on video-tape how employees of banks and life insurers are helping customers launder unaccounted cash, bypassing KYC (know-your-customer) norms. They offer to invest unaccounted cash in products that form part of the regular financial system and help launder the unaccounted money, it alleged. The laws violated include the Prevention of Money Laundering Act, the Income Tax Act and the Indian Penal Code, it said..........
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