Money & Banking

Axis Bank suspends some suspicious accounts

PTI New Delhi | Updated on January 16, 2018 Published on December 19, 2016

ab

Hit by irregularities by some of its employees, Axis Bank today said it has taken the “unprecedented step” of temporarily suspending some of the suspicious accounts and has a rigorous compliance procedure.

The bank further said it has filed Suspicious Transaction Reports (STRs) with the Financial Intelligence Unit (FIU-IND) about the potentially suspect accounts which were later probed by investigative agencies.

“We understand that the visit by the investigative agencies to our branches has been pursuant to the cash transaction report (CTRs) and STRs filed by the bank under the extant KYC & AML norms as applicable to the bank,” Axis Bank said in a statement.

The bank has also filed additional STRs with FIU pro-actively, it said.

Axis said it has rigorous compliance procedures and has also gone ahead and applied all our analytic capability to identify accounts that might have exhibited suspicious activity since demonetisation.

“The bank has also taken the unprecedented step of temporarily suspending some of these accounts. We would like to assure you that Axis Bank stays committed to the success of the Government’s initiative of demonetisation and facilitating transition towards digitalised economy,” the statement said.

Earlier this week, the Enforcement Directorate arrested two Axis Bank managers here and seized 3 kg gold bars in connection with its money laundering probe in a racket of illegally converting old notes in connivance with banking authorities.

The agency’s probe till now, after it registered a criminal complaint under the Prevention of Money Laundering Act (PMLA) on November 30, found that huge monies were transferred through RTGS transfers to some shell companies, including a case where the Director of such a firm was a “petty labourer”.

The Income Tax Department also conducted a survey at an Axis bank branch in Delhi in connection with its probe into possible tax evasion by way of illegal exchange of demonetised currency notes.

Published on December 19, 2016

A letter from the Editor


Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.