Chartered accountants are being recruited by India’s fourth largest private sector bank to work on “quality control of financial crime” with a specific focus on trade-based money laundering (TBML).
Yes Bank appears to be responding to the recent slew of trade-based financial crimes, often involving the participation of bank officials, notably the US$2 billion letter of credit and letter of understanding frauds allegedly perpetrated by jeweller Nirav Modi and others.
According to the bank, the new positions require creating scenarios, alerts and parameters for ongoing anti-money laundering monitoring of trade finance.
Work will also include a “review of TBML alerts for identification of any suspicious activity and engagement with businesses, products or operations to establish potential TBML activity,” according to Yes Bank.
The newly recruited accountants would also be involved in managing the filing of suspicious transaction reports (STRs) to India’s Financial Investigation Unit.
Yes Bank was one of nine banks implicated in the illegal transfer of funds abroad organised by businessman Manish Jain between 2006 and 2014 through the Oriental Bank of Commerce and eight other banks.
Categories: Trade Based Financial crimes News