Advertisement

HindustanTimes Sun,31 Aug 2014

Outsourcing jobs in india under scanner

PTI  New York, August 07, 2012
First Published: 14:35 IST(7/8/2012) | Last Updated: 22:07 IST(7/8/2012)

Outsourcing of key oversight jobs by global banks to India has come under the scanner for the second time in less than a month.

After reports of a probe by a US Senate committee pointing out major lapses in the work of HSBC’s India staff, Standard Chartered’s outsourcing of key banking jobs to Indian shores have come under lens in the US.

The DFS probe found that SCB had assured the New York state in May 2010 that it would take steps to comply with the US Office of Foreign Assets Control (OFAC) sanctions. However, another examination in 2011 found anti money laundering failures.

Among these, the bank was outsourcing its “entire OFAC compliance process for the New York branch to Chennai, with no evidence of any oversight or communication between the Chennai and the New York offices.”

The OFAC is the designated US government agency for preparing list of entities with whom US citizens and entities are barred from doing business.


Advertisement
more from Banking

CCEA gives nod for IDFs to take over bank loans

In a move that could boost the cash-starved infrastruc­ture sector, the Cabinet Committee on Economic Affairs on Tuesday gave its clearance for infrastructure debt funds (IDFs) to take over existing bank loans.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved