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The Government of India has set up Financial Intelligence Unit – India which is known as the Central National Agency. FIU-IND is responsible for receiving, processing, analyzing and disseminating information relating to the financial transactions which are suspicious. It is an independent body which directly reports to the Economic Intelligence Council headed by the finance Minister. In this article, we will discuss more about FIU-IND reporting.
Table of Contents
To prevent the money laundering Act, every reporting entity
i.e. Financial Institution, NBFCs, banking companies and their intermediaries
are required to furnish to FIU-IND reporting in the form of CTRs (Cash
reporting transaction), STRs (Suspicious Transaction Reporting), Counterfeit
Reporting Transactions and NTRs (Non-profit transaction reports).
Reporting Entities are banking company, Financial Institution, Intermediary, chit fund company, Co-operative Bank, Housing Finance Company and Non-Banking Financial Company (NBFC) who are regulated by the respective authority to perform their business activity.
The major function performed by the FIU-IND team is to analyze
received information and to uncover the patterns of transaction suggesting
suspicion of money laundering as it acts as the central reception point for
receiving the CTRs, STRs and reports on purchase or sale of immovable property.
All the instructions are issued with the approval of director
Electronic filing over secure gateway is only available for
Multiple data files reporting format is being replaced by a
single XML file format.
The due dates for filing reports are –
All the cash transaction reporting whose value is more than
10 lakh rupees or the transactions integrally related to each other whose value
is less than 10 lakh rupees and a series of transactions have taken place
within a month have to file CTR Reporting on the 15th day of the
All transactions where counterfeit currency notes have been
used also have to file CCR Reporting on the 15th day of the
ALL transactions involving receipts by non-profit
organizations of value more than Rs.10 Lakh or, its equivalent in foreign
currency have to file NTR Reporting on the 15th day of the
FIU-IND and NBFC
NBFC is required to get the FIU-IND registration by following the below mentioned steps –
It displays the following message: “The following
registration details of the reporting entity have been submitted to FIU-IND.
Your Reporting Entity registration request number is: ________.
On approval, the FIUREID (the unique identity number of your organization registered with FIU-IND) will be communicated at the email ID provided.
For more details, please contact us at Enterclice.com
Read our article: Financial Intelligence Unit of India
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