44 Indian banks reported to watchdog for large suspicious transactions

Dawn | Sep 27, 2020 at 9:07 AM
  • 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.
  • Indian banks figure in SARs linked to over 2,000 transactions valued at over $1 billion between 2011 and 2017.
  • Through correspondent banking relationships, banks can access financial services in different jurisdictions and provide cross-border payment services to their customers.