New Delhi [India], April 17 : The Financial Intelligence Unit- India (FIU-IND) and the Reserve Bank of India (RBI) signed a Memorandum of Understanding (MoU) here in the national capital on Thursday, 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 Vivek Aggarwal, Director, FIU-IND and R.L.K. Rao, Executive Director, Department of Regulation, Reserve Bank of India.
According to the MoU, FIU-IND and RBI will cooperate with each other in the areas of mutual interest, including each party to the MoU appointing a nodal officer and an alternate nodal officer to interact with the other party.
They will share relevant intelligence and information, available in their respective databases; lay down procedure and manner in which the regulated entities/ reporting entities report to FIU-IND under the PML Rules; conduct outreach and training for regulated entities /reporting entities.
Among others are:
Upgradation of Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT) skills in the regulated entities / reporting entities regulated by RBI.
Assessment of Money Laundering/Terror Financing (ML/TF) risks and vulnerabilities in the relevant financial sub-sectors.
Identification of red flag indicators for Suspicious Transactions.
Supervising and monitoring the compliance of reporting entities regulated by RBI with their obligations under PMLA, PML Rules and RBI instructions.
Compliance with the relevant international standards.
Conduct of quarterly meeting to discuss and share information on issues of mutual interest.
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 also present on the occasion.
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