RBI tightens compliance after suspected Iran export scam
The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI headquarters in Mumbai October 29, 2013./ (Reuters) - The Reserve Bank of India (RBI) has ordered banks to tighten monitoring of export finance deals after investigators uncovered an invoicing scam they suspect is part of a multi-billion-dollar scheme to exploit Western financial sanctions against Iran. Although the RBI's ruling made no mention of the scheme that targeted UCO Bank, an central bank source familiar with the matter said it was related to a probe into ...
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