ICICI Bank, on Friday, conceded that some “transactional errors” had been discovered in the audit done following a sting operation by a news portal but insisted that there was no money laundering. “There have been instances of some errors which have been found. We would, to that extent, tighten our controls to reduce these errors but there have been no instances of money laundering that have taken place,” CEO and Managing Director Chanda Kochhar told reporters here after announcing the bank’s fourth quarter results.

“These are transactional errors. In day-to-day working, any bank would have some amount of transactional errors. When you do an audit, you do discover some transactional errors but as I said, no instances of money laundering,” she said.

A sting operation carried out by Cobrapost.com recently showed executives from ICICI Bank, HDFC Bank and Axis Bank willing to accept unaccounted money into investment products which pointed to non-compliance with know your customer (KYC) norms and raised questions about money laundering.

More In: Industry | Business