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Financial Intelligence Unit (FIU)
Context
The financial intelligence unit (FIU) has issued a set of ‘alert indicators’ under the provisions of the Prevention of Money Laundering Act (PMLA) for capital markets, insurance companies, online payment gateway intermediaries and crypto currency service providers for effective checking of suspicious transactions in their channels as part of the anti-money laundering and counter-terrorism financing regime.
About FIU
- Established in: 2004
- It is a specialised agency under the Ministry of Finance.
- Primary mandate:to serve as the central national agency responsible for receiving, processing, analysing and disseminating information related to suspicious financial transactions. These transactions could be indicative of money laundering, terrorist financing or other illegal activities.
- Under the Prevention of Money Laundering Act (PMLA), certain categories of organisations are required to register with FIU-IND as reporting entities.
- These include banks and financial institutions, stockbrokers and depository participants, payment system operators, insurance companies, mutual funds and asset management companies, among others.
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Fact Box: About Prevention of Money Laundering Act, 2002
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