‘Deference to those with influence fuels money laundering’
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SBI compliance chief flags lax culture.
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SBI compliance chief flags lax culture.
Banks’ deferential treatment towards powerful and influential people is one of the reasons money laundering has risen in the country in recent years, India’s largest bank’s compliance chief said on Tuesday.
State Bank of India’s Group Compliance Officer Soma Sankar Prasad also stressed that India ‘unfortunately’ had no distinct norms in place for ‘politically exposed persons’ opening bank accounts.
“There are certain powerful and influential customers… In India, we still have this hierarchy in terms of power and influence with the result that you treat different people differently.