Banks to share all transaction details in standard format – Feedback

A standard format has been designed for banks to share transaction related details with revenue intelligence and central security agencies looking into money laundering and financial fraud cases.

This follows intelligence and probe agencies laying emphasis on a standardised format for sharing of information by the banks, including those done through cheques, official sources said today. The issue was first raised by the CBI which found that while investigating an offence, banks were providing information in different formats making probe rather difficult. A meeting was then called by Central Economic Intelligence Bureau and a commonly acceptable format was designed, they said.

http://economictimes.indiatimes.com/industry/banking/finance/banking/banks-to-share-all-transaction-details-in-standard-format/articleshow/51874881.cms

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