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ICICI Bank Ltd Fined For Violation of Anti-Money Laundering Norms- THE TIMES OF INDIA

Wednesday, 10 Oct 2012 01:41am EDT 

THE TIMES OF INDIA reported that ICICI Bank Ltd have been penalised INR 55 lakh and INR 30 lakh respectively by Reserve Bank of India (RBI) for not adhereing to anti-money laundering norms while opening new accounts. In a statement issued here on RBI said that the penalties have been imposed on the banks for contravention of various directions and instructions issued by the RBI on 'Know Your Customer (KYC) norms/Anti-Money Laundering ( AML) Standards/Combating of Financing of Terrorism (CFT)/Prevention of Money Laundering Act, 2002', such as failure to obtain adequate documents for opening accounts, failure to carry out sufficient customer identification procedures, failure to examine control structure of entities, failure to ascertain the identification of natural persons behind entities, failure to carry out effective enhanced due diligence, failure to carry out appropriate risk categorisation and delay in filing the Suspicious Transaction Reports. The RBI had issued Show Cause Notices to these banks and in response thereto, the banks had submitted their written replies. On a careful examination of the banks' written replies and the oral submissions made during the personal hearings, the RBI found that the violations were established and the penalties were accordingly imposed. 

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