Bank of Baroda Wins EAG Laureate Award on Financial Security

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