Financial Intelligence Unit signs MOU with RBI for effective PMLA compliance

The Financial Intelligence Unit- India (FIU-IND) and the Reserve Bank of India (RBI) signed a Memorandum of Understanding (MoU) at New Delhi on April 17, 2025, as part of ongoing joint efforts to effectively follow the rules and requirements of the Prevention of Money Laundering Act.

The Memorandum of Understanding (MoU) was signed by Shri Vivek Aggarwal, Director, FIU-IND and Shri R.L.K. Rao, Executive Director, Department of Regulation, Reserve Bank of India.

In accordance with the MoU, FIU-IND and RBI will coordinate with each other in the areas of similar interest, in addition to the following:

• A nodal officer and an alternate nodal officer will be appointed in every party to collaborate with the other parties.
• Sharing essential intelligence and data from their own systems.
• Setting the process for how regulated/reporting entities should report to FIU-IND under the PMLA rules.
• Organising training and awareness programs for reporting and regulated entities.
• Improving the skills of entities regulated by the RBI in handling money laundering and terrorism financing risks.
• Analysing risks and weak areas related to money laundering and terrorist financing in different financial sectors.
• Identifying warning signs that may indicate suspicious transactions.
• Checking and ensuring that RBI-regulated entities are following the rules under PMLA, PML Rules, and RBI guidelines.
• Making sure practices integrate with global standards.
• Holding quarterly meetings to discuss and exchange information on topics of shared concern.

On the occasion, Mr. Bedobani Chaudhuri, Additional Director, FIU-IND, Ms. Veena Srivastava, Chief General Manager, Department of Regulation, RBI, Mr. Avinash Kumar, Deputy Director, FIU-IND and Mr. Sanjoy Ghosh, FSE, FIU-IND, were all there.