Entities who are mandated to submit their details to the Director of the Financial Intelligence Unit- India need to follow the standard procedure specified by SEBI, RBI, IRDAI, etc. Before starting the reporting body should register with the FIU-IND.
The Department of Non-Banking Supervision regulates several financial institutions in India, and these institutions are required to register themselves under the Financial Intelligence Unit - India (FIU-IND).
Note: All non-banking financial companies must conform to the compliances regarding registration.
The notifications that lay down the manner, as well as procedures for submission of information, are Notification No. 9/2005's Rule 7 and Rule 8 of the Rules. The notification was issued on July 1, 2005, and the rules must be read with Notification No. 12/2013 issued on August 17, 2013, Notification No. 4/2007 which was issued on May 24, 2007, Notification No.15/2005 which was issued on December 13, 2005, Notification. These rules and notifications contain the manner and the procedure for submitting information to the Financial Intelligence Unit - India.
All financial institutions, banking companies, as well as intermediaries are required to submit details regarding the following:
Format for submitting information to the Financial Intelligence Unit - India
All reporting entities that are mandatorily required to submit details to the Director of the Financial Intelligence Unit - India will have to follow a standard procedure that is specified by the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority of India (IRDAI), or any other regulator as applicable. To do so, the reporting entity will have to register with the Financial Intelligence Unit - India through https://finnet.gov.in.
All reporting entities have to submit information to the Financial Intelligence Unit - India under Rule 7 of the Rules specified by Notification No.9/2005 issued on July 1, 2005. The reporting entities will have to designate a Principal Officer who will be responsible to submit the information mentioned in Rule 3 of the Rules. The Principal Officer will have to submit the information to the Director of the Financial Intelligence Unit - India. The officer will be designated by the reporting entity in keeping with Section 12 of the Prevention of Money Laundering Act, 2002. Under Rule 7, all reporting entities are required to communicate to the Director of the Financial Intelligence Unit - India the name of the officer along with his designation and address. The Principal Officer will also have to retain a copy of the information submitted to the Financial Intelligence Unit.
Time frame for submitting information to the Director of the Financial Intelligence Unit
Under Rule 8, the time limit set for the submission of information to the Director of the Financial Intelligence Unit is the fifteenth day of the following month, for both cash transactions as well as integrally related cash transactions.
All reports regarding cash transactions, NGO transactions, counterfeit currency as well as overseas wire transfers must be filed by the fifteenth day of the following month. For suspicious transactions, the information must be submitted to the Director of the Financial Intelligence Unit within 7 working days.
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