The Reserve Bank of India (RBI) and the Financial Intelligence Unit-India (FIU-IND) on Thursday signed a Memorandum of Understanding (MoU) in New Delhi to enhance coordination and facilitate seamless exchange of information in the fight against money laundering and terror financing.
The MoU was signed by R.L.K. Rao, Executive Director, Department of Regulation, RBI, and Vivek Aggarwal, Director, FIU-IND. It aims to strengthen the implementation of the Prevention of Money Laundering Act (PMLA) and the rules framed under it by laying down a formal mechanism for cooperation between the two institutions.
As part of the agreement, the RBI and FIU-IND will appoint nodal and alternate nodal officers to ensure structured interaction. The two bodies will collaborate on sharing financial intelligence, improving procedures for reporting by regulated entities, and conducting joint training and outreach initiatives. The MoU also focuses on upgrading anti-money laundering and counter-terror financing (AML/CFT) capabilities within the financial sector, assessing risks and vulnerabilities, and identifying red flag indicators for suspicious transactions.
In addition, the RBI and FIU-IND will jointly supervise and monitor compliance of reporting entities with their obligations under the PMLA, RBI guidelines, and international standards. The MoU mandates quarterly meetings to discuss issues of mutual interest and review progress on shared objectives.
Senior officials including Bedobani Chaudhuri, Additional Director, FIU-IND; Veena Srivastava, Chief General Manager, Department of Regulation, RBI; Avinash Kumar, Deputy Director, FIU-IND; and Sanjoy Ghosh, FSE, FIU-IND, were also present at the signing ceremony.
