New Delhi, Apr 16 (KNN) The Financial Intelligence Unit-India (FIU-IND) and the Securities and Exchange Board of India (SEBI) have signed a Memorandum of Understanding (MoU) to enhance coordination and information sharing in combating money laundering and financial crimes.
The agreement was signed by Amit Mohan Govil, Director, FIU-IND, and Sandip Pradhan, Whole Time Member, SEBI, marking a step towards strengthening collaborative intelligence mechanisms between the two agencies.
Under the MoU, both institutions will share relevant intelligence and data from their respective databases, while also establishing procedures for reporting by regulated and reporting entities in line with the Prevention of Money Laundering (PML) Rules.
The framework will also facilitate information exchange with foreign financial intelligence units in accordance with global standards, including the Egmont Principles.
The collaboration will focus on enhancing Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) capabilities through joint outreach and training programmes for entities regulated by SEBI.
It will also involve identifying red flag indicators for suspicious transactions and assessing risks related to money laundering and terror financing across financial sub-sectors.
Additionally, the two agencies will undertake regular consultations, including quarterly meetings, to review progress and address emerging challenges. The MoU also provides for strengthened supervision and monitoring of compliance with obligations under the Prevention of Money Laundering Act (PMLA), related rules, and SEBI regulations.
FIU-IND serves as the national agency responsible for analysing and disseminating information on suspicious financial transactions, while SEBI regulates and supervises the securities market to ensure transparency, protect investor interests and maintain orderly market functioning.
(KNN Bureau)
