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RBI ask banks to get tougher on money laundering

The Reserve Bank of India has called upon the heads of banks to keep a close tab on transactions by organisations. This is important in the context of US Federal Reserve clamping on State Bank of India for lack of systems and control.

After taking up the matter with the US regulator the central bank has made it clear that banks having foreign branches should adhere to the requirements of country where it has its branches.

A meeting of all the heads of the banks is called today to focus on th eneed for banks to keep track of the origin, the beneficiary and the destination of the FCNR (B) accounts.

RBI said that the banks must keep a watchful eye on the banking transactions of organisation. If anything is found that violates the provisions the matter should be immediately reported. The meeting will focus the following issues.

1. A cost benefit analyis on pricing deposits, expenditure on computerisation, voluntary retirement etc.

2. Revised risk weightage in accordance with the new Basle capital accord and upgradation of risk management system.

3. Bank's preparedness for risk based supervision.

4. Bank's high exposure to unsecured loans which along with unsecured guarantees, should not exceed 15 percent of the total outstanding advances.

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