Suspicious accounts have been suspended: Axis Bank

New Delhi: Axis Bank on Monday said that it has taken “unprecedented step” of temporarily suspending some of the suspicious accounts and has a rigorous compliance procedure.

The bank has been hit by some of the employees involved in money laundering after demonetisation and some of its branches has been raided by income tax officials.

Axis Bank said that it has already filed Suspicious Transaction Reports (STRs) with the Financial Intelligence Unit (FIU-IND) about the potentially suspect accounts which were later probed by investigative agencies.

“We understand that the visit by the investigative agencies to our branches has been pursuant to the cash transaction report (CTRs) and STRs filed by the bank under the extant KYC & AML norms as applicable to the bank,” Axis Bank said. The bank has also filed additional STRs with FIU proactively, it said.

It also said it has rigorous compliance procedures and has also gone ahead and applied all our analytic capability to identify accounts that might have exhibited suspicious activity since demonetisation.

“The bank has also taken the unprecedented step of temporarily suspending some of these accounts. We would like to assure you that Axis Bank stays committed to the success of the government’s initiative of demonetisation and facilitating transition towards digitalised economy,” it said.