Business

‘Data storage rule may undercut AML’

By Dan Neff

Any transaction generates multiple data — bank details, identifiers for the beneficiary and remitter, merchant details etc.

Synopsis

Leading foreign banks in the country have appealed to the Reserve Bank of India (RBI) for allowing them to store certain transaction data overseas for spotting money-laundering deals and sanctions screening.

Mumbai: Leading foreign banks in the country have appealed to the Reserve Bank of India (RBI) for allowing them to store certain transaction data overseas for spotting money-laundering deals and sanctions screening.

The financial regulator is in the midst of discussions with foreign banks to put in place a regulation that would require banks and other service providers to ensure that all data relating to payment systems operated by them are

BY

ET Bureau

4 mins read, Last Updated:

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Dan Neff