New Delhi: The Financial Intelligence Unit-India (FIU-IND) and the Reserve Bank of India (RBI) today signed a Memorandum of Understanding (MoU) today to facilitate coordinated efforts towards effective compliance with the Prevention of Money Laundering Act (PMLA) and rules framed thereunder. The agreement aims to enhance information exchange and cooperation to strengthen anti-money laundering measures.
The MoU establishes a framework for FIU-IND and RBI to share relevant intelligence and information from their respective databases. It focuses on supervising and monitoring compliance of reporting entities regulated by RBI with obligations under PMLA, PML Rules, and RBI instructions, while addressing money laundering and terror financing risks.
The agreement outlines specific areas of cooperation, including appointing nodal officers for interaction, laying down procedures for reporting entities to report to FIU-IND, and conducting outreach and training for regulated entities. It also covers upgrading anti-money laundering and combating financing of terrorism (AML/CFT) skills, assessing risks and vulnerabilities in financial sub-sectors, identifying red flag indicators for suspicious transactions, ensuring compliance with international standards, and holding quarterly meetings to discuss mutual interests.
The MoU was signed by Vivek Aggarwal, Director, FIU-IND, and R.L.K. Rao, Executive Director, Department of Regulation, RBI. Bedobani Chaudhuri, Additional Director, FIU-IND, Veena Srivastava, Chief General Manager, Department of Regulation, RBI, Avinash Kumar, Deputy Director, FIU-IND, and Sanjoy Ghosh, FSE, FIU-IND, were present at the signing ceremony in New Delhi.
Each party to the MoU will appoint a nodal officer and an alternate nodal officer to facilitate interaction. The cooperation includes sharing information, monitoring compliance, and conducting joint efforts to enhance AML/CFT frameworks, ensuring reporting entities meet PMLA obligations and international standards.
– global bihari bureau
