State-owned Bank of Baroda on 6 December 2022 has bagged an EAG Laureate award in the International Olympiad of Financial Security held at Sochi, Russia on 10 October 2022.
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About EAG:
The Eurasian group on combating money laundering and terrorism (EAG) is a FATF type regional which comprises of 9 members including India. The 9 countries are: Belarus, China, Kazakhstan, Kyrgyzstan, India, Russia, Tajikistan, Turkmenistan and Uzbekistan. EAG is an associate member of the FATF.
About FATF:
FATF is the global money laundering and terrorist financing watchdog set up in 1989 out of a G-7 meeting of developed nations in Paris.
- Its Objective:
- Initially, its objective was to examine and develop measures to combat money laundering.
- After the 9/11 attacks on the US, the FATF in 2001 expanded its mandate to incorporate efforts to combat terrorist financing.
- In April 2012, it added efforts to counter the financing of proliferation of Weapons of Mass Destruction (WMD).
About Bank of Baroda :
It is the second largest public sector bank in India after State Bank of India (SBI). The banks in which the government of India holds 51% or more equity shares are called public sector banks in India.
Chairman of the Bank: Hasmukh Adia
Managing Director (MD) and Chief Executive Officer (CEO): Sanjiv Chadha
The Headquarters of the bank: Vadodara, Gujarat
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