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UCBs asked to report suspicious transactions
MUMBAI: The Reserve Bank of India on Wednesday made it mandatory for Urban Cooperative Banks (UCBs) to report all suspicious transactions to the Directorate of Financial Intelligence as part of an exercise to strengthen the anti-money laundering drive.
The central bank had earlier issued similar guidelines for commercial banks and regional rural banks.
Notification
“Banks should report information in respect of all transactions referred to in Rule 3 to the Director, Financial Intelligence Unit-India (FIU-IND),” RBI said in a notification.
The central bank said all documents pertaining to complex, unusual large transactions and all unusual patterns of transactions having no apparent economic and lawful purpose should be examined and the findings should be properly recorded. These records should be preserved for 10 years as per the Prevention of Money Laundering Act, 2002. — PTI
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