A high-level team of the Financial Services of Authority, the UK's super-regulator for the financial sector, is flying down to Mumbai to take a close look at the systems and procedures laid down by the Indian banks to prevent money laundering.
A three-member FSA team -- Michael Ainley, Gareth Rees and Anna Hynes -- will be in Mumbai for a week interacting with the chief executive officers of banks which have operations in the UK: the State Bank of India, the Bank of Baroda, the Bank of India, the Syndicate Bank and Canara Bank.
The team will also meet the representatives of ICICI Bank, the Reserve Bank of India, the Securities & Exchange Board of India, the Federation of Indian Chambers of Commerce & Industry and PriceWaterhouse- Cooopers. It will also meet the auditors of the State Bank of India and of the Bank of Baroda.
