RBI, FIU-IND Collaborate to Deepen Information Exchange with New MoU

(Judicial Quest News Network)

Delhi,17, April-The MoU will facilitate coordinated efforts towards effective compliance with Prevention of Money Laundering Act and Rules framed thereunder

The Financial Intelligence Unit- India (FIU-IND) and the Reserve Bank of India (RBI) signed a Memorandum of Understanding (MoU) at New Delhi, today, as part of continued coordinated efforts in effective implementation of requirements of the Prevention of Money Laundering Act and Rules framed thereunder.

The MoU was signed by Mr. Vivek Aggarwal, Director, FIU-IND and Mr.R.L.K. Rao, Executive Director, Department of Regulation, Reserve Bank of India.

The agreement outlines the mechanisms for regular data sharing, real-time collaboration on suspicious transaction monitoring, and strategic coordination in handling complex financial crime investigations. This partnership is expected to enhance the capacity of both institutions to detect and respond more effectively to financial irregularities, fraudulent activities, and evolving threats within the financial ecosystem.

The MoU marks a significant step toward bolstering India’s anti-money laundering (AML) and counter-financing of terrorism (CFT) frameworks by improving inter-agency collaboration and ensuring timely sharing of financial intelligence and regulatory data.

According to the MoU, FIU-IND and RBI will cooperate with each other in the areas of mutual interest including the following:

1. Each Party to the MoU will appoint a nodal officer and an alternate nodal officer to interact with the other party.
2. Sharing of relevant intelligence and information, available in their respective databases.
3. Laying down procedure and manner in which the regulated entities/ reporting entities report to FIU-IND under the PML Rules.
4. Conducting outreach and training for regulated entities /reporting entities.
5. Upgradation of Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT) skills in the regulated entities / reporting entities regulated by RBI.
6. Assessment of Money Laundering/Terror Financing (ML/TF) risks and vulnerabilities in the relevant financial sub-sectors.
7. Identification of red flag indicators for Suspicious Transactions.
8. Supervising and monitoring the compliance of reporting entities regulated by RBI with their obligations under PMLA, PML Rules and RBI instructions.
9. Compliance with the relevant international standards.
10. Conduct of quarterly meeting to discuss and share information on issues of mutual interest.

Mr. Bedobani Chaudhuri, Additional Director, FIU-IND, Ms. Veena Srivastava, Chief General Manager, Department of Regulation, RBI; Mr. Avinash Kumar, Deputy Director, FIU-IND and Mr. Sanjoy Ghosh, FSE, FIU-IND, were also present on the occasion.