Financial Intelligence Unit–India

Financial Intelligence Unit- India Latest News

Recently, the Director, Financial Intelligence Unit-India (FIU-IND) has issued notices for non-compliance to following fifteen (15) Virtual Digital Assets Service Providers (VDA SPs) under Section 13 of the Prevention of Money Laundering Act, 2002(PMLA). 

About Financial Intelligence Unit- India

• It was set by the Government of India in 2004.
• It is the central national agency responsible for receiving, processing, analyzing and disseminating information relating to suspect financial transactions.
• FIU-IND is an independent body reporting directly to the Economic Intelligence Council (EIC) headed by the Finance Minister.

‹ ›

Function of Financial Intelligence Unit-India

• Collection of Information: It acts as the central reception point for receiving Cash Transaction reports (CTRs), Non-Profit Organisation Transaction Report (NTRs), Cross Border Wire Transfer Reports (CBWTRs) from various reporting entities.
• Analysis of Information: Analyze received information in order to uncover patterns of transactions suggesting suspicion of money laundering and related crimes.
• Sharing of Information: It shares information with national intelligence/law enforcement agencies, national regulatory authorities and foreign Financial Intelligence Units.
• Central Repository: It establishes and maintains a national database on the basis of reports received from reporting entities.
• Coordination: It coordinates and strengthens collection and sharing of financial intelligence through an effective national, regional and global network to combat money laundering and related crimes.
• Research and Analysis: Monitor and identify strategic key areas on money laundering trends, typologies and developments.

Source: PIB