Bank stks dip as FinCEN leak names Indian banks for suspicious transactions

The FinCEN files so far have established sender-receiver connections for 406 transactions involving all major banks, including the country's largest, State Bank of India

Shares of IndusInd Bank, Bandhan Bank, and State Bank of India fell like a pack of cards after Financial Crimes Enforcement Network (FinCEN) leaks said almost all Indian banks could be part of the suspicious transactions.

Between 2010 and 2017, a number of Indian banks, irrespective of ownership – public, private and foreign -- helped facilitate transactions red-flagged by the US Treasury Department's Financial Crimes Enforcement Network (FinCEN) for suspected money laundering, terrorism, drug dealing and financial fraud, latest leaks suggest. 

The FinCEN files so far have established sender-receiver connections for 406 transactions involving all major banks, including the country's