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Amid allegations of money laundering and Know-Your Customers (KYC) norms violations by Cobrapost, Bank of Baroda has said it was investigating into the matter and take stern action in case of any deviation of guidelines.
“We are in the process of investigating the whole event and we shall be able to comment on it after the facts are assessed,” said D D Singla, General Manager, Bank of Baroda.
Singla said, “As far as Know Your Customer(KYC) and Anti Money Laundering (AML) guidelines in Bank’s operation are concerned Bank of Baroda has a robust mechanism in place and all operations are conducted with due diligence.”
He also said that individual action or instances of deviation from the bank’s philosophy and guidelines, if any, will be sternly dealt with as per our established procedure.
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