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BoB's Bahamas branch denies involvement in Dawood's money transfer

By Religare

Public sector lender Bank of Baroda has rejected media report that the bank's Nassau branch in the Bahamas has transferred Dawood Ibrahim's funds.

Clarifying the issue, BoB, chairman and managing director, S S Mundra, said, "It is a KYC (know your customer) compliant account where transactions take place in the normal course of business to established banking channels. All AML (anti-money laundering) guidelines are followed. Hence, we deny any involvement of Bank of Baroda in alleged transfer of funds as reported in the Media."


Few days back, certain media reported that Bank of Baroda's Nassau branch saw successive wire transfers of several hundred thousand dollars from at least three Dubai-based currency exchanges-the al-Zarouni Exchange, the Dubai Exchange and the al-Dirham Exchange-suspected to be proceeds from organised crime.

In response to media report, Mundra said, "The account has been operational for more than a decade. Credit to this account comes from the US clearing systems which itself is self explanatory about the due diligence and there has never been an alert (about suspicious transactions) on this account."

"All AML (anti-money laundering) guidelines are followed. Hence we deny any involvement of Bank of Baroda in alleged transfer of funds as reported in the Media," said the release signed by bank's chairman and managing director S S Mundra.

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