A multi-agency effort is now on create a standard reporting format for banks to share information about money laundering. This follows complaints from central intelligence and investigation agencies that the different reporting formats followed by banks now are making it complex for them to make use of the data. RBI, banks and investigating agencies like CBI and IB are involved in the exercise, according to news reports. At present, bbanks provide data in various file formats but the investigating agencies have found it very difficult to process and analyze the data in an efficient and quick manner. It is highly unstructured and mining this data is next to impossible, the investigating agencies seemed to have complained. The whole process is made more difficult in the absence of any single officer in the banks who is responsible for sharing the information with the investigating agencies, they said.
