Search your Topic HERE....

October 18, 2015

Banking Awareness : Financial Intelligence Unit - India (FIU - IND)

Leave a Comment

sponsored links

Financial Intelligence Unit - India (FIU-IND) was set up by the Government of India in 2004 a sthe central national agency responsible for receiving, processing, analyzing and disseminating information relating to suspect financial transactions. The main activity of FIU-IND is to control Money Laundering. FIU-IND is an independent body reporting directly to the Economic Intelligence Council (EIC) headed by the Finance Minister. 

The main Function of FIU-IND : The main function of FIU-IND is to receive cash / suspicious transaction reports, analyse them and, as appropriate, disseminate valuable functional information to to intelligence / enforcement agencies and regulatory authorities.

The functions of FIU-IND are :

  • Collection of Information : Act as the central receptoin point for receiving Cash Transaction Reports (CTRs) and Suspicious Transaction Reports (STRs) from various reporting entities.
  • Analysis of Information : Analyze received information in order to uncover patterns transactions suggesting suspicion of money laundering and related crimes. 
  • Sharing of Information: Share information with national intelligence / law enforcement agencies, national regulatory authorities and foreign Financial Intelligence Units. 
  • Act as Central Repository : Establish and maintain national data base on cash transactions and suspicious transactions on the basis of reports received from reporting entities. 
  • Coordination : Coordinate and strengthen collection and sharing of financial intelligence through an effective national, regional and global network to combat money laundering and related crimes. 
  • Research and Analysis : Monitor and identity strategic key areas on money laundering trends, typologies and developments. 
Khajawali Sheik

sponsored links

0 Responses:

Post a Comment

Related Posts Plugin for WordPress, Blogger...