RBI tightens anti-money laundering norms

RBI tightens anti-money laundering norms Tightening the anti-money laundering norms, the Reserve Bank made it mandatory for banks to report all suspicious transactions, including those of over Rs 10 lakhs, to the directorate of financial intelligence. "The banks should report information in respect of all transactions referred under Rule 3 to the Director, Financial Intelligence Unit-India (FIU-IND)," RBI said in a notification on Thursday. In addition to suspicious transactions, the Rule 3 includes all cash transactions of more than Rs 10 lakh (or its equivalent in foreign currency); series of connected transactions with aggregate value of Rs 10 lakh; and cash transactions where forged currency notes are used.

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