SBI and BoB creating AML framework for overseas branches

On the sidelines of industry regulator’s warning, PSBs including Mumbai headquarteredState Bank of India and Bank of Baroda are creating stricter norms on anti-money laundering (AML) framework for their branches outside India that can stop or detect cash and suspicious transactions.

• Priority areas for creating a separate and stronger anti-money laundering (AML) framework are Europe, United States and high risk regions like Dubai,South Africa, Mauritius and Singapore.
• SBI has induced Deloitte HK to create an AML framework.