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

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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

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