His funding of the Brexit campaign has been dubbed the biggest donation in British political history.
He told Sky News: "The £8m came from a United Kingdom company, the cash was generated in the UK".
Banks said: "There was no Russian money and no interference of any type".
The Electoral Commission has referred Banks, his campaign Leave.EU, its parent organisation Better for the Country, and "other associated companies and individuals" following its investigation into the 2016 campaign, which focused on a reported £2 million loan to Better for the Country from Banks and his group of insurance companies.
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"If Rock Services made the donation, where did the money come from for Rock Services to do that?"
"What I said was that the corruption I have seen in British politics, the sewer that exists and the disgraceful behaviour of the government over what they are doing with Brexit and how they are selling out, means that if I had my time again I think we would have been better to probably remain and not unleash these demons", he replied. "I want to be absolutely clear about that", he told the BBC's Andrew Marr show. The whole misunderstanding revolves around the role of Rock Holdings as a holding company.
"It is just a service company".
Hundreds of internal emails leaked by former employees of Eldon Insurance and Rock Services to the paper show that despite categorical denials by Banks to MPs, insurance staff worked on the Leave.EU campaign from their company offices, although "any work carried out in the months before the referendum should have been declared under electoral law".
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"The Electoral Commission has laid out concerns about this in public and it is legitimate and editorially justified for Andrew Marr to question Mr Banks robustly about them, which he will do on Sunday morning".
Collins rejected suggestions that the UK's departure from the European Union should be put on hold while the investigation into Banks and Leave.EU was carried out.
He added: "I have no connection with any Russian businesses, I've done no deals in Russia, I've had lunch with the Russian ambassador a couple of times".
A Labour MP has asked Theresa May whether she or any other minister had ever declined a request from the security services to conduct an investigation into the controversial Leave.EU campaign donor Arron Banks.
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Responding to the decision to refer Banks to police, Liberal Democrat lawmaker, Tom Brake, who speaks for his party on Brexit said "people have known for a long time that the Brexiter ranks were filled with dodgy demagogues, today's news will be little surprise".