With the MoU coming into play, the entities will cooperate with each other in the areas of mutual interest where they will share relevant intelligence and information, available in their respective databases.
Photo: IANS
In a step towards curbing money laundring and as part of continued coordinated efforts in effective implementation of the Prevention of Money Laundering Act and Rules, a Memorandum of Understanding (MoU) was signed between the Financial Intelligence Unit- India (FIU-IND) and the Reserve Bank of India (RBI).
With the MoU coming into play, the entities will cooperate with each other in the areas of mutual interest where they will share relevant intelligence and information, available in their respective databases.
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The entities will also work towards the Identification of red flag indicators for Suspicious Transactions
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They will also ensure compliance with the relevant international standards, and conduct quarterly meeting to discuss and share information on issues of mutual interest.
Both the entities also agreed towards the upgradation of Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT) skills in the regulated entities/reporting entities regulated by the RBI.
The MoU was signed by Vivek Aggarwal, Director, FIU-IND and R.L.K. Rao, Executive Director, Department of Regulation, Reserve Bank of India.
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