Cobrapost sting: RBI finds violations by banks, insurers

The RBI probing allegations of money laundering by several banks and insurance firms has found that these entities not only failed to adhere to Know-Your-Customer (KYC) norms but also permitted customers to divide cash deposits into small tranches below the benchmark level to avoid reporting or detection of these transactions and accepted cash without a PAN card or with a fake PAN card.

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