ICICI Bank to probe money laundering allegations
Posted on: 11:00 AM IST Mar 14, 2013
New Delhi: ICICI Bank has in a quick response to money laundering allegations in a Cobrapost sting operation said that the bank launched an investigation into the matter and that a committee will submit its report in two weeks on the issue.
The statement by a spokesperson of the bank reads, "ICICI group conducts its business with the highest level of compliance to legal and regulatory requirements. All employees of the group are trained and required to adhere strictly to the group code of conduct, including AML and KYC norms. We have demonstrated our commitment to this by following a zero-tolerance policy towards any violation. We are deeply concerned with the media reports. We want to assure our customers and all our other stakeholders that we are committed towards adherence to the high standards of business conduct, which is expected of us. We have constituted a high level inquiry committee to investigate into the matter and submit its findings in two weeks."
A sting operation conducted by online magazine Cobrapost across various branches of private financial institutions has revealed how bank employees are accepting black money from customers to convert them into white money. Cobrapost claims that the nationwide operation shows how private banking and insurance affiliates launder money as part of standard procedures.