FIU-IND, RBI Pact for Anti-Money Laundering Compliance

New Delhi, Apr 17 (PTI) The Financial Intelligence Unit- India (FIU-IND) and the Reserve Bank of India (RBI) on Thursday signed a pact for enhanced coordination, information exchange and compliance with PMLA rules, the finance ministry said on Thursday.

As per the Memorandum of Understanding (MoU), FIU-IND and RBI will cooperate with each other and share relevant intelligence and information, as well as in identification of "red flag indicators" for suspicious transactions.

Both the organisations will lay down procedure and manner in which the regulated entities/ reporting entities report to FIU-IND under the Prevention of Money Laundering (PML) Rules, a statement from the finance ministry said.


They will work towards upgradation of anti-money laundering/combating financing of terrorism (AML/CFT) skills in the regulated entities / reporting entities regulated by RBI.

The MoU was signed by Vivek Aggarwal, Director, FIU-IND and RLK Rao, Executive Director, Department of Regulation, RBI.

Both the FIU-IND and RBI would be meeting once every quarter to discuss and share information on issues of mutual interest.

"The MoU will facilitate coordinated efforts towards effective compliance with Prevention of Money Laundering Act and Rules framed thereunder," the statement added.