While the focus of the conference is on secure banking, it is not adequate to ensure that all banking transactions are duly authorized and customer interests protected. It is important for banks to realize that they have a vital role and responsibility to ensure that appropriate risk management measures are in place particularly to address issues relating to money laundering and terrorist funding.
I recall that an year or so back, we found on enquiry that about 3-4 cards issued overseas were used extensively in the ATMs of one bank resulting in cash withdrawal of over Rs.2.00 crore in a short span of three months. Obviously, whoever used the card was not a tourist on a shopping spree !