Branches probed on the basis of suspicious cash transaction reports: Axis Bank
Mumbai, Dec 19 (IANS) Private sector lender Axis Bank on Monday said the investigative agencies’ visit to its branches has been “pursuant” to the suspicious transaction reports (STRs) and cash transaction reports (CTRs) it had filed.
“We understand that the visit by the investigative agencies to our branches has been pursuant to the CTRs and STRs filed by the bank under the extant KYC (Know Your Customer) and AML (Anti-Money Laundering) norms as applicable to the bank,” a statement said.
“We would like to add that the bank has also taken the unprecedented step of temporarily suspending some of these accounts,” it said.
The lender said it applied all its analytic capability to identify accounts that might have exhibited suspicious activity since demonetisation.
It also said the investigative agencies have identified some potentially suspect accounts for which the bank had already filed STRs in the past with the Financial Intelligence Unit-India (FIU-IND).
Apart from this, the bank has also files additional STRs with FIU in this period proactively, it added.