The Finance Ministry has asked all Public Sector Undertaking (PSU) banks to review their internal risk management process to prevent recurrence of frauds such as around Rs 6,000-crore black money remittance scam involving Bank of Baroda.
An advisory has been sent by the ministry to all PSU banks to strengthen their vigilance and internal mechanisms to avoid any possible laundering activity, sources said.
The review will help all the banks find if there is any loophole in the system which need to be plugged, the sources said. Banks should have such mechanism that suspicious transactions should be brought to notice, they added.
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