MUMBAI: Offshoring of back-office work to India, a trend among banks and accounting firms, came under new scrutiny with allegations that Standard Chartered Plc (StanChart) moved compliance oversight work dealing with Iranian banking transactions to India to avoid US regulators.
Cost savings, not escaping regulatory oversight, are generally assumed to be the primary goal of sending back-office work to India, where employees are paid far less than in the United States and much of Europe.
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