Pune, December 15, 2016
Axis Bank has rigorous compliance procedures and has also gone ahead and applied all our analytic capability to identify accounts that might have exhibited suspicious activity since demonetization.
We would like to add that the investigative agencies have identified some potentially suspect accounts for which the Bank had already filed STRs in the past with FIU- IND. Apart from this the Bank has also files additional STRs with FIU in this period proactively. We understand that the visit by the investigative agencies to our branches has been pursuant to the CTR’s & STRs filed by the Bank under the extant KYC & AML norms as applicable to the Bank.
The Bank has also taken the unprecedented step of temporarily suspending some of these accounts.
We would like to assure you that Axis Bank stays committed to the success of the Government’s initiative of demonetization and facilitating transition towards digitalized economy. Axis Bank is committed to maintaining the strongest operational controls and has no tolerance for undesirable behaviours that circumvent laid out processes.”
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