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Register with the Financial Intelligence Unit India (FIU-IND) today to ensure compliance and protect your business. Secure your operations, avoid legal penalties, and maintain your reputation. Don't delay-act now!
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Financial Intelligence Unit registration is a mandatory provision for every reporting entity to obtain in order to furnish information to the Director of FIU-IND in the prescribed format.
Financial Intelligence Unit India, or FIU-IND, was established by the government of India on November 18, 2004, to act as a central national agency responsible for scrutinizing and receiving information connected to suspected financial transactions.
Its primary objective is to strengthen the efforts of national and international intelligence, investigations, and various other enforcement agencies to combat illegal activities like money laundering and financing of terrorism, subsequently safeguarding the national economic integrity and security.
On 4th July 2023, the Ministry of Finance, through its notification, made FIU-IND mandatory registration for Virtual Digital Assets service providers to obtain an FIU-IND registration. According to the notifications, the VDA service providers must comply with the provisions of PMLA, PML rules, and the AML-CFT guidelines before proceeding with the financial intelligence unit registration (FIU-IND).
Our experts handle your Financial Intelligence Unit registration, documentation, and reportingโaccurately and on time.
A Financial Intelligence Unit Registration is an organization under the Department of Revenue, Government of India, which is authorised to collect financial intelligence about offences under the Prevention of Money Laundering Act, 2002.
The Financial Intelligence unit is also responsible for coordinating and strengthening efforts of both national and international intelligence, investigations, and enforcement agencies in pursuing global efforts to combat money laundering and related crimes.
The reporting entity under FIU-IND is the designated business or profession as specified under section 2(wa) of the Prevention of Money Laundering Act, such as a banking company, financial institution, intermediaries, or person engaged in the professions as per the Prevention of Money Laundering Act.
The government of India has also included the VDA service provider or virtual digital assets as reporting entities under FIU-IND.
According to the PMLA, reporting entities have to comply with KYC directions as laid down by the Reserve Bank of India. Thus, FIU-IND KYC registration is a mandatory rule for a smooth transaction. Similarly, FIU registration for NBFCs is also a mandatory obligation for the smooth functioning of NBFC banking operations.
Financial Intelligence Unit India is an independent body authorised to report directly to the Economic Intelligence Council (EIC) headed by the Ministry of Finance. Below are its functions-
The organisation is responsible for collecting reports on cash transactions, financial transactions carried out by non-profit organisations, reports related to international wire transfers, reports on the purchase of immovable properties in India, and different forms of suspicious transaction reports (STR) from various reporting entities.
The financial intelligence unit India analyses different transactions in India to understand the suspected money laundering circumstances.
The collected information is shared with other regulatory agencies, such as the national intelligence/law enforcement agencies, national regulatory authorities, and foreign Financial Intelligence Units.
FIU-IND acts as a central repository for all forms of financial transactions and accounting reports in India. Reporting aspects related to the RBI, Banks, and other institutions would go directly to the FIU-IND.
The unit coordinates with other institutes at a regional, national, and international level to improve the performance of suspected financial activities in India.
Apart from this, the unit also conducts research on money laundering, terrorist financing and other areas.
Before contacting the FIU-IND for registration, the reporting entity must ensure that they have followed all applicable requirements under the PMLA, PML Rules, and AML-CFT guidelines. The list of financial intelligence unit India compliance requirements is as follows:
A brief overview of the service provider's nature should be included, along with a clear explanation of how its operations fall within the purview of those allowed by the Department of Revenue, Government of India notification dated March 07, 2023.
The reporting entities seeking to obtain registration with FIU-IND must be equipped with the mandatory documents. Given below is the list of FIU India registration checklist for mandatory documents:
One certified copy of an officially valid document containing identity and address details is required.
Any identification Documents
One recent photograph
Such other Documents, including in respect of the nature of business and financial status of the client as may be required by the reporting entity
Certificate of Incorporation (COI)/MOA & AOA of Company
Resolution from BOD and POA granted to its managers, officers or employees to transact on its behalf
Officially valid Document for managers, officers or employees holding an attorney to transact on its behalf.
Registration Certificate
Partnership Deed
An officially valid Document for the person holding an attorney to transact on its behalf.
Trust Deed
An officially valid document concerning the person holding an attorney to transact on its behalf.
Resolution of the managing body of such association or body of individuals
POA granted to him to transact on its behalf
An officially valid Document in respect of the person holding an attorney to transact on its behalf
Such information may be required by the reporting entity to collectively establish the legal existence of such association or Body of Individuals (BOI).
The Financial Intelligence Unit India Registration Process under the Financial Intelligence Unit India includes the registration of the reporting entity and registration of the principal officer. The steps to register with FIU-IND are described below-
The first step is to file Financial Intelligence Unit India registration form with the FIU-IND by the reporting Agency. After this, the applicant needs to submit the application with the necessary Documents. Finally, the applicant will receive the certificate of registration issued by the authority only after the application is verified.
The FIU India principal officer registration can be done only after the reporting entity's registration. For this registration, the applicant needs to apply with the details of the principal officer.
The next step requires the trademark officer to scrutinize and make publication of the verified trademark application in the official gazette of the UAE.
Once the formal examination phase is completed, the opposition period which allows raising trademark-related objections within a 30 days window post-publication.
In the absence of any objections, the Ministry of Economy issues a trademark registration certificate granting ownership and legal safeguards to the holder, detailing the registration number, filing date, company and owner’s name.
FIU-IND reporting entity registration is a necessary provision and thus the same has to comply. Below is the list of consequences of non-compliance with FIU-IND.
Talk to Enterslice consultants, and let us help you overcome the challenges with minimum effort.
The fees for obtaining a registration from FIU India is around Rs. 25,000/- (Twenty-five Thousand). This fee includes both professional charges and documentation.
The timeline for obtaining a registration from the Financial Intelligence Unit India is around 8 to 9 months.
Under the PMLA and respective rules, different forms of reports must be submitted by the reporting entities. The following are the types of reports which have to be submitted under FIU-India:
There are various reasons to consider Enterslice when registering with a Financial Institution (FIU) in India, such as:
Some of the main functions of the FIU-IND include Carrying out supervisory functions, acting as a Central Repository, and Coordinating with other centers.
Any entity formed under the provisions of the Banking Regulation Act of 1949 is called a banking entity or a banking company under the financial intelligence unit India. Hence, banking companies are considered reporting entities.
Yes, both NBFC and Housing Finance Companies are reporting entity under the Financial Intelligence Unit India.
Yes, if a transaction falls within a particular threshold, it must be furnished. The transactions that have to be reported are present under the Prevention of Money Laundering Act, 2002, and the respective rules.
The FIU India registration online is initiated by visiting the official website and by clicking the register new user on the login place.
The role of FIU-IND is to receive an illegal or suspected transactions reports from the financial institutions in India and to analyse and disseminate the suspected information to the concerned government authority. The principal officer of an entity is the main officer who constitutes reporting carried out by the entity. If the transaction is suspicious, it must be reported within seven working days.
Yes, the time limit for submitting transactions would be the 15th day of the succeeding month.
One can register with FIU India by visiting the official FIU-IND registration portal for registering as a reporting entity, as such the reporting entity has to meet the FIU-IND compliance registration mandatory requirements.
A FIU-IND AML registration is a mandatory registration a financial institution needs to obtain in order to comply with AML regulations. This includes FIU-IND registration for reporting suspicious transactions.
The FIU full form is Financial Intelligence unit.
FIU license is a license that is granted by the government of India under Financial Intelligence unit India or FIU-IND to a financial institution stating that they are comply with the AML or PMLA laws and regulations.
NTR report in banking also known as non-profit organization transaction reports that both financial institutions and NBFC banks has to file a report with FIU-IND.
CBWTR reporting means a Cross Border Wire Transfer Reports, a report to be filed by the financial institutions in India as per the guidelines of the RBI on cross border transactions.
The principal officer of an entity is the main officer who constitutes reporting carried out by the entity. If the transaction is suspicious, it must be reported within seven working days.
The full form of CCR report is Counterfeit currency reporting, a report when Indian currency is forged or counterfeit shall be immediately reported to FIU-IND.
The FIU is set up under the Ministry of Finance, Department of Revenue.
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