Cooperating with investigations in South Africa: Bank of BarodaUpdated: Feb 06, 2018 23:12 IST
The Bank of Baroda (BoB) on Tuesday said the South African Reserve Bank (SARB) is investigating allegations regarding compliance lapses at the bank’s branch there and it is cooperating in the matter.
The bank was responding to clarifications sought by exchanges regarding a news report citing the bank’s involvement with the Gupta family in South Africa extending to a political scandal there.
The report follows information furnished by the bank to exchanges in August 2017 about BoB paying ₹5.45 crore as penalty imposed on its South Africa branch by the local regulator.
“As regards the news item, the Reserve Bank of South Africa is investigating the allegations against Bank of Baroda and the bank is actively cooperating and supporting these investigations,” the bank said in a regulatory filing to the exchanges.
BoB has made all disclosures that are considered material under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it added.
“Many of these allegations are on historical transactions and the bank has since then significantly improved the compliance process and these remediation measures would ensure that KYC/AML (Know Your Customer/Anti-Money Laundering) are completed to fullest satisfaction of internal review an...” it said in the statement. Further, the bank said it will keep stock exchanges updated about any significant outcome of these investigations.