RBI and FIU-IND Join Forces to Strengthen Anti-Money Laundering Efforts

The Reserve Bank of India and the Financial Intelligence Unit-India signed an MoU in New Delhi to boost collaboration on anti-money laundering. The agreement includes sharing intelligence, conducting training, and upgrading monitoring systems to enhance financial security against money laundering and terror financing.

In a significant step toward enhancing financial security, the Reserve Bank of India (RBI) and Financial Intelligence Unit-India (FIU-IND) have inked a Memorandum of Understanding (MoU) in New Delhi. This agreement aims to fortify cooperation in implementing the Prevention of Money Laundering Act, officials announced Thursday.

The MoU outlines several collaborative measures, including appointing designated nodal officers from both parties to facilitate communication. This strategic partnership will also involve sharing relevant intelligence and data available within their respective entities.

Key focuses include upscaling skills in Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT), assessing vulnerabilities in financial sub-sectors, and supervising compliance with established regulations. Quarterly meetings will be scheduled to discuss emerging issues and ensure adherence to international standards, the officials stated.

(With inputs from agencies.)