Elaborate reporting norms likely under PMLA
Financial Intelligence Unit
(FIU) is eyeing a fresh framework for reporting entities under the Prevention of Money Laundering (PML) Rules and will approach the Reserve Bank to enhance
reporting requirements
, people familiar with the development said.
Changes could include enhanced user details, immediate alert for any change in 'know your customer' (KYC) for accounts red-flagged for
suspicious transactions
and a fresh set of 'alert indicators' for capital market, money exchanges and bulk property or gems and jewellery purchases.
The move aims to make disclosures more robust in the fintech and cryptocurrency space to prevent suspicious transactions before it is too late to track.
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"There is a need for enhancing the reporting requirement especially in fintech space and crypto currency, where enforcing agencies face maximum challenges. We are discussing it with RBI and other regulators and will formally approach them with a framework for detailed discussions," a senior official told ET.
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In April, both FIU-IND and RBI signed a memorandum of understanding (MoU) for better information exchange and effective implementation of requirements of the
Prevention of Money Laundering Act
and Rules.
While most of these reporting agencies send their reports to the FIU on quarterly basis with suspicious transaction reports, officials said that by the time the report reaches, money crosses several borders making it difficult to get the trail.
"The idea is that when a big bulk transfer or purchase happens, it will immediately send an alert to the internal system so that FIU can be immediately alerted, which makes it easier to track the transaction.
This will also help FIU to generate meaningful intelligence for law enforcement agencies like the income tax department, ED and CBI, the official said.
FIU had introduced the 'alert indicators' in 2022 for the capital market, but it is felt that these need to be revamped in view of technological changes over time.
"The idea is to track order spoofing, misutilisation of client funds by stock brokers and suspicious off-market transactions by brokers and users," the official added.
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