Banks to submit reports on suspect transactions: RBI


Bangalore: In an effort to track transactions made to aid terror activities, the Reserve Bank of India (RBI) has directed all banks to submit reports on suspicious transactions. The reports would based on the accounts held by persons and organizations bearing resemblance to terrorists and their outfits in the fresh list issued by the United Nations (UN). "Utmost care should be taken by the banks to ensure and cross check all account opening applications and transactions carried out in the existing accounts with the updated consolidated list (of the UN)," RBI said in a communication to the heads of all banks and financial institutions. It also asked the banks to report transactions which "bear resemblance with the individuals and entities listed" to RBI as well as the Financial Intelligence Unit of India. The UN on Monday issued a list of terrorist organizations and individuals. The list includes the names of Dawood Ibrahim Kaskar, the mastermind of the 1993 bomb blasts in Mumbai, Lashkar-e-Taiba Chief Hafeez Mohammed Saeed and Mumbai November 2008 attacks’ accused Zaki-ur-Rehman Lakhvi, as well as Osama bin Laden, al Qaeda and the Taliban.