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Featured 44 Indian Banks involved in money laundering - FinCEN Reveals

Ajay Ghatak

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@The Eagle , @waz @WebMaster : Fix the title, Thread title is false. The title of article is :

"
FinCEN Files: US Banks Red-Flagged 44 Indian Banks for Suspicious Transactions Between 2011 and 2017
"


The only time the word "terror" is mentioned in the article is for this quote :
In another report, the newspaper revealed that the FinCEN files “uncovered a web of transactions of a flourishing money laundering network run by Pakistani national Altaf Khanani who is also said to have been a key financier for fugitive terrorist Dawood Ibrahim,” based on SARs filed by the Standard Chartered Bank in New York.
 

ARMalik

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So this is how this Nazi Country India supports and finances Terrorists.


44 Indian banks reported to watchdog for large suspicious transactions


KARACHI: At least 44 Indian banks have been identified in connection with transactions by Indian entities and individuals in a set of Suspicious Activity Reports (SARs) filed by US banks with the watchdog, the Financial Crimes Enforcement Network (FinCEN), an investigation by The Indian Express has revealed.

According to a set of records of parties with Indian addresses, Indian banks figure in SARs linked to over 2,000 transactions valued at over $1 billion between 2011 and 2017. Significantly, there are thousands of transactions linked to Indian entities and businessmen where the Indian senders or beneficiaries have addresses in foreign jurisdictions.

Records investigated show that Indian banks mentioned in the SARs include: state-owned Punjab National Bank (290 transactions); State Bank of India (102); Bank of Baroda (93); Union Bank of India (99) and Canara Bank (190), among others.

Among private banks that figure in the SARs are HDFC Bank (253 transactions); ICICI Bank (57); Kotak Mahindra Bank (268); Axis Bank (41) and IndusInd Bank (117) among others.


According to the newspaper, the foreign banks that have filed the SARs include Deutsche Bank Trust Company Americas (DBTCA), BNY Mellon, Citibank, Standard Chartered and JP Morgan Chase among others.

Indian banks figure in the SARs primarily because they are “correspondent banks” to the foreign banks which have filed these SARs and figure in the network through which these transactions have been effected.

Records show there are cases where ‘suspicious transactions’ have been carried out through the international payment gateway of foreign banks, said the paper. In others, foreign branches of Indian banks such as a State Bank of India account in Canada and an account of Union Bank of India in the UK have been used by clients for carrying out part of the transactions in question.

Key to this is the correspondent banking relationship — an arrangement over which there has been growing concern as regulators crack down on secrecy of offshore transactions.


Under this arrangement, one bank (correspondent) holds deposits owned by other banks (respondents) and provides payment and other services to those respondent banks. Through correspondent banking relationships, banks can access financial services in different jurisdictions and provide cross-border payment services to their customers.

In the SARs, the foreign banks have cited a slew of reasons to red-flag these transactions, including “high-risk jurisdiction for money laundering or other financial crimes”, adverse media/public information on the client, “unidentified” parties, and the fact that “source of funds and purpose of transaction could not be ascertained”.

Meanwhile, there has been growing concern among banks over the idea of correspondent banking. According to a report on the issue by the Committee on Payments and Market Infrastructures (CPMI) of the Bank for International Settlements, prepared in 2016, banks providing these services are reducing their relationships.


The report says that rising costs and uncertainty about how far customer due diligence should be carried out in order to ensure regulatory compliance have been one of the key reasons for banks to cut back their correspondent relationships.

The report made several recommendations including standardisation of KYC norms and using legal entity identifiers in correspondent banking. It also recommended that global watchdogs like the Financial Action Task Force and anti-money laundering task force explore ways to tackle obstacles to information-sharing, with the aim of identifying potential best practices.

While mails sent to 10 banks for their comments on the SARs did not elicit any response, a spokesperson for the State Bank of India, in his response, said: “The information sought herewith is not available with the bank due to the SAR confidentiality regulations.

“The Financial Crimes Enforcement Network (FinCEN) has issued an advisory that any unauthorised disclosure of a SAR is a violation of US federal law… Both civil and criminal penalties may be imposed for SAR disclosure violations.
 

Musings

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@Dalit @ps3linux what do you gentlemen think?
Clearly Indian authorities are turning a blind eye to state sponsored terrorism - large transactions on a regular basis like this is a blatant proof to all that India are fast becoming exposed to their underhand technique to sponsor destruction. Modi and his rats are finding difficult to hide their intent. Another good reason he needs to stay in power exposing these shenanigans taking place
 

graphican

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44 Banks is a big number and will be a reason of concern for the world. Since Pakitan is about to leave, India is invited to join FATS' Grey List.
 

-blitzkrieg-

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Why is Pakistan not dragging India to FATF for KalBHAOSHUN Yadavs role and the money trail he used to get his finances from India as well as the Indian folks identified for APS..

Have we forgotten the blood of our fallen soldiers..our 60 thousand shaheed...
or are we baigharat.
 

PAKISTANFOREVER

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For a layman indian like you, of course basic money manipulation and how black markets work would not make any sense! :lol: :lol::lol:



Well indians do have a low racial IQ:

 

ARMalik

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India has many black money and terrorism sponsor sources. These are:

1- Indian IPL - yes you heard it right, IPL is a huge source of black money.
2- Drug money via Burma which RAW controls and then funds terrorism in Pakistan and other neighboring countries. One of the main reason why RAW is in A-Stan is to control Opium trade.
3- Overseas branches of Indian banks specifically in UAE are involved in such money laundering activities. That is why UAE was placed on FATF list.
4- And lastly Indian Forex and money changers.
 
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Pan-Islamic-Pakistan

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India has two huge black money and terrorism sponsor sources. These are:

1- Indian IPL - yes you heard it right, IPL is a huge source of black money.
2- Drug money via Burma which RAW controls and then funds terrorism in Pakistan and other neighboring countries. One of the main reason why RAW is in A-Stan is to control Opium trade.
India also is the state sponsor of Daesh in our region.

Recently they have failed in harming Taliban through Daesh activities in Afghanistan.

However they have successfully created Islamophobia in Sri Lanka after Church bombings. The attackers were trained and equipped in India.
 

PakSword

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Prepare a dossier, present it in FATF, get rebuked, find the next place to project yourself.
That will strengthen the notion that FATF is a political tool.

Anyway, if what is reported by the US banks to FinCEN is true, it should be quite concerning to not only Pakistanis but Indians themselves.

They have reported Indian national banks too.
 

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