Axis Bank launches probe following money laundering allegations

Axis Bank launches probe following money laundering allegationsIndian bank, Axis Bank has launched an investigation after it was alleged that the bank is involved in money laundering activities.

The bank said that it will conduct a thorough investigation into the information that surfaced regarding the alleged money laundering activities at the bank. It said that the management looks at deviations form tis high standards very seriously.

The company said in a statement, "Axis Bank has systems and processes that are robust and fully compliant with extant regulations. We will examine whatever information that is brought to our notice and investigate thoroughly. The bank has built a strong customer franchise over the years and maintains high corporate governance standards."

The bank said that all of its all of businesses are expected to display best practices that are adopted across the group institutions. The investigations were launched after an online magazine called Cobrapost claimed that its undercover investigation has found that ICICI Bank, HDFC Bank and Axis Bank are involved in money laundering activities in the country. It claimed that the money laundering services are being offered openly across bank branches.