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Wednesday, June 19, 2013

StanChart, HSBC charged with money laundering

In addition, amid the series of investigations starting March this year, Cobrapost exposed Indian banks of money laundering and Know-Your-Customer norms violation charges.

While the RBI claims to be taking action against the erring banks and their insurance associates, Cobrapost in its fourth investigation report has found two foreign lenders Standard Chartered and HSBC defaulting on similar practices by helping convert black money into white.

Presenting as a politician’s frontman, Cobrapost reporter visited HSBC Bank and Standard Chartered Bank with the same proposition as in the previous investigations and has claimed the two foreign banks being involved in converting unaccounted cash into legitimate money.

While online investigative magazine ‘’ found some branch officials of 30 banks and insurance companies willing to convert unaccounted money into legitimate money, it has also come across ethical bankers who are unwilling to cross the line.

In a special feature on ethical bankers, Cobrapost said, “Not all is dark and grim in the Indian banking sector.

“Out of hundreds of banking personnel whom Cobrapost reporter interacted with across the country, there are a few bank managers who stood out as redemptive icons of the Indian banking industry. This special feature is dedicated to these 5 bankers who upheld the ethics and principles of banking.”

The bankers belong to Axis Bank (Balsubramaniam), Bank of Baroda (SK Garg), Canara Bank (Anurag Prakash) and two from HSBC (Ashish Agarwal and Akash U).

The magazine said that on approaching the above mentioned bankers with the proposition of converting a fictitious politician’s black money into white, they refused to accept any deposit in cash.

Further, these bankers insisted that every transaction be accompanied by the mandatory PAN card and a declaration of the source of income for all large deposits. They also refused to pay personal visits to the clients’ residence for any consultation and informed the client, right at the outset that any investment advice would happen only after a detailed financial assessment of the client.

“In word and in deed, they honoured the regulations of Reserve Bank of India and the Income Tax department,” the website said.

Source: thehindubusinessline


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