Citi fraud: STR, KYC violations under RBI lens
PTI | HT Correspondent, New Delhi
Jan 16, 2011 08:37 PM IST
The Reserve Bank of India is probing if there were violations in customer verification and monitoring of accounts, in the alleged Rs 400-cr Citibank Gurgaon fraud.
The Reserve Bank of India is probing if there were violations in customer verification and monitoring of accounts, in the alleged Rs 400-cr Citibank Gurgaon fraud.
The question is whether Citibank followed the STR (Suspicious Transaction Reporting) norms, which requires a bank to alert regulatory and enforcement agencies about high-value and unusual transactions in any account.
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Also under probe is whether Citibank followed the know-your-customer (KYC) norms when the accounts involved in the fraud case were opened.
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