 "No evidence of money laundering, says Kochhar")
ICICI Bank on Friday said its internal probe had not detected any transaction that violated anti-money laundering rules. The bank did an internal audit of 14 branches and also appointed Deloitte Touche Tohmatsu India to conduct an independent inquiry into the allegations that it was one of three private banks in the country to run a money-laundering racket.
"The internal inquiry report has been submitted. Deloitte has also submitted its interim report. No actual transactions (violating anti-money laundering rules) have been found to have taken place," said Chanda Kochhar, managing director and chief executive officer. She, however, said the bank would tighten its internal processes further, to reduce "transactional errors", but gave no detail.
The bank suspended 18 employees, pending completion of the inquiry. They were captured on video tape offering money as a product to undercover journalists of online magazine Cobrapost. She said, "The final course of action (on these employees) will be decided very soon."
"The internal inquiry report has been submitted. Deloitte has also submitted its interim report. No actual transactions (violating anti-money laundering rules) have been found to have taken place," said Chanda Kochhar, managing director and chief executive officer. She, however, said the bank would tighten its internal processes further, to reduce "transactional errors", but gave no detail.
The bank suspended 18 employees, pending completion of the inquiry. They were captured on video tape offering money as a product to undercover journalists of online magazine Cobrapost. She said, "The final course of action (on these employees) will be decided very soon."