Cobrapost exposes more money laundering across banking, financial services

The Indian financial system seems diseased. KYC norms are for the proletariat.

http://businesstoday.intoday.in/story/cobrapost-money-laundering-bank-insurers/1/194729.html

"In its continuing undercover operation, spanning several months, Cobrapost finds dozens and dozens of major public sector banks, and many more private banks, across the country are blatantly involved in money laundering, as are major insurers. In all, 23 banks and insurance companies have been exposed," the portal said in a release.

Cobrapost alleged that the financial sector entities offered to open bank accounts and lockers for customers without following Know Your Customer (KYC) norms, convert their black money into white and obtain fictitious PAN cards.

Those named in the expose include SBI, LIC, Punjab National Bank (PNB), Bank of Baroda, Canara Bank, Reliance Life, Tata AIA, Yes Bank, Indian Bank, Indian Overseas Bank, IDBI Bank, Oriental Bank of Commerce, Dena Bank, Corporation Bank, Allahabad Bank, Central Bank of India, Dhanlaxmi Bank, Federal Bank, DCB Bank and Birla Sun Life.

This is the second expose by Cobrapost. Earlier on March 14, it had alleged money laundering by top private sector banks -- HDFC Bank, ICICI Bank and Axis Bank.