Agencies visit branches after our proactive disclosures about suspicious accounts – Axis Bank

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Pune, December 15, 2016 – Axis Bank 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 demonetization.

“We would like to add that the investigative agencies have identified some potentially suspect accounts for which the Bank had already filed STRs in the past with Financial Intelligence Unit (FIU- IND). Apart from this the Bank has also files additional STRs with FIU in this period proactively. We understand that the visit by the investigative agencies to our branches has been pursuant to the CTR’s & STRs filed by the Bank under the extant KYC & AML norms as applicable to the Bank. 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 demonetization and facilitating transition towards digitalized economy. Axis Bank is committed to maintaining the strongest operational controls and has no tolerance for undesirable behaviours that circumvent laid out processes,” the bank said on Thursday.

Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.With its 3,106 domestic branches (including extension counters) and 13,448 ATMs across the country, as on 30stSeptember 2016, the network of Axis Bank spreads across 1,920 cities and towns, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Bank also has nine overseas offices with branches at Singapore, Hong Kong, Dubai (at the DIFC), Shanghai and Colombo; representative offices at Dubai, Abu Dhabi and Dhaka and an overseas subsidiary at London, UK. The Bank’s website offers comprehensive details about its products and services.