.... In fact, for Gujarat the high number of such dubious banking transactions is also coupled with the many cooperative banks violating money laundering norms, which has become a concern for law enforcement agencies. In last two years, Reserve Bank of India (RBI) has fined around 60 cooperative banks for violating know your customer (KYC) norms or anti-money laundering (AML) guidelines. Under the AML guidelines, it's mandatory for banks to report banking transactions above Rs 10 lakh to FIU............
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