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BRIEF-Kotak Mahindra Bank says co has suspended employee with regard to accounts probe
December 28, 2016 / 6:38 AM / 10 months ago

BRIEF-Kotak Mahindra Bank says co has suspended employee with regard to accounts probe

Dec 28 (Reuters) - Kotak Mahindra Bank Ltd :

* With reference to ongoing investigation of accounts, co had proactively informed FIU and has suspended services of employee Ashish Kumar

* Says confirms that it has a robust system of regularly and proactively filing necessary reports with FIU for all large transactions

* Says deposited entire amount that was credited with these accounts with income tax department

* Says bank on its own, on observing nature of transactions in some accounts, proactively filed a report with FIU for further investigations

* Says the bank has on record all necessary KYC documents, including pan card

Source text:

“With reference to the ongoing investigation of the said accounts, Kotak Mahindra Bank had proactively informed Financial Intelligence Unit (FIU) and the Bank has already suspended the services of its employee Ashish Kumar. The Bank has zero tolerance towards employees not adhering to its Code of Conduct, and takes strict measures against them. The Bank confirms that it has a robust system of regularly and proactively filing necessary reports with the FIU for all large transactions. The Bank has on record all necessary KYC documents, including PAN card. The Bank on its own, on observing the nature of transactions in these accounts, proactively filed a report with FIU for further investigations well in time. On subsequent investigation by the Income Tax authorities, the Bank, as per their instructions, has deposited the entire amount that was credited with these accounts with the Income Tax department. As can be seen from the Bank’s actions, the Bank has fully cooperated and communicated with the relevant authorities, and has demonstrated the highest standards of compliance, and the Bank will continue to do so.”

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