Black money: Foreign Banks hire investigators to probe illicit funds

Foreign banks don’t want to take any risks over black money and it shows. In first-of-its kind initiative, foreign banks, including Citibank and HSBC, are hiring investigators to check black money trail.

These investigators would look into financial frauds apart from checking details of people who intend to open accounts in banks and ensure that they are not pumping in any illicit funds.
So far, such investigators were hired only for serious cases. But, things are changing now as earlier multinational banks used to outsource these jobs from private investigators such as Kroll, Deloitte, PwC, and KPMG.
Moreover, these investigators would also scan accounts of current account holders with large bank balance and verify accounts indulging in large transactions.
Basically these banks want to make sure that the processes which were earlier done from overseas should now be made localized. This is the reason why they are making a team of investigators to look into such matters. The central bank of India also appreciates and encourages such moves.

(Image: Indiatimes)