Global Hour

FinCEN Files investigation flags 44 Indian banks and their transactions to US regulator

Indian banks figure in SARs (Suspicious Activity Reports) are linked to more than 2,000 transactions that are valued at over $1billion between 2011 and 2017. There are thousands of transactions that are linked to Indian entities where the Indian senders have addresses in foreign nations.

 

Around 44 Indian banks are identified in relation to transactions by Indian entities and individuals in a set of Suspicious Activity Reports filed by the US banks to the Financial Crimes Enforcement Network (FinCEN).

However, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, and IndusInd Bank are among the private banks highlighted in the SARs. The investigated records showed that the 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 other banking institutions.

There are many cases, records highlight, where suspicious transactions are shown through the international payment gateway of foreign banks. Under this, a bank (correspondent) holds deposits that are owned by other banks (respondents) and offers payment and various other services to respondent banks. Through these banking relationships, banks can easily access financial services across many other jurisdictions and offer cross-border payment services to their clients.

 

The Financial Crimes Enforcement Network (FinCEN) has also released an advisory that any unauthorized disclosure of a SAR is a breach of the US federal law and in terms of both civil and criminal penalties may be levied for SAR disclosure violations.

Share
Tags: FinCEN Files

Recent Posts

“IVF isn’t just a biological but an emotional process as well,” says Dr. Sarita Sukhija, the visionary behind Myra IVF

IVF has been a beacon of hope in the world of those who’re facing challenges…

4 days ago

Geetika Mahandru on Bonga Bonga: The Mystery Liqueur Shaking Up the Bar Scene

IndoBevs, established in 2007, is not just a company that strived to enter the AlcoBev…

3 weeks ago

Top Strategies for Developing a Successful Entrepreneurial Mindset

Building a successful entrepreneurial mindset is the key to turning your business dreams into reality.…

3 weeks ago

Jagmohan Garg Times of Hope Have Now Begun on Rekha Gupta Becoming the CM of Delhi

Jag Mohan Garg, Chairman & Managing Director (CMD) of Tirupati Infraprojects, extends heartiest congratulations to…

3 weeks ago

How Digital Marketing Can Skyrocket Your Business in 2025

In today’s fast-paced digital world, having an online presence is no longer optional—it’s essential. Whether…

2 months ago

Why BlueNeba Technologies is the Best Choice for Solar Power in India

Harness the Power of the Sun with BlueNeba Technologies Solar energy is transforming the way…

2 months ago