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Email Id: info@amlindia.in
Reporting with FIU-IND Under PMLA
Reporting with FIU-IND Under PMLA
Under the Prevention of Money Laundering Act, 2002 (PMLA), the reporting entities in India are obligated to report designated transactions with India’s Financial Intelligence Unit.
These reports are as under:
- Cash Transaction Report – For reporting all cash transactions of a value of more than INR 10 lakhs or its equivalent in foreign currency. Further, all the integrally connected transactions conducted in a month where the aggregate value exceeds INR 10 lakh or its equivalent in foreign currency must also be reported.
- Property Transaction Report (PTR) – For reporting the person and the transaction involving the purchase or sale of immovable property of INR 50 lakhs or more registered with the help of the reporting entity
- Cross Border Wire Transfer Report (CBWTR) – For reporting the cross-border wire transfers of more than INR 5 lakhs or its equivalent in foreign currency, wherein the fund originated from or was destined for India.
- Counterfeit Currency Report (CCR) – For reporting the person and the transactions where forged or counterfeit currency notes or bank notes are identified.
- Non-Profit Organization Transaction Report (NTR) – For reporting the transactions involving receipts of value more than INR 10 lakhs, or its equivalent in foreign currency by a Non-Profit Organization.
- Suspicious Transaction Report (STR) – For reporting the identified ML/FT red flags, providing details about the transaction or person suspected of involving crime proceeds or related to money laundering or terrorism financing.
Here is an infographic summarizing the various reports that reporting entities must file with FIU-IND for a specific nature of transactions, which may assist FIU-IND in tracking and identifying the possibilities of financial crime.
With the subject knowledge and years of experience, AML India can assist the reporting entities in customizing the AML Compliance Program to detect the designated transactions or suspicious activities to be reported with the FIU-IND. Further, AML India can impart training to the team, creating awareness around the types of reports to be filed and the nexus of these reports with the entity’s business operations and the effectiveness of the AML framework.
We are committed to assisting proper enforcement of AML and CFT regulations to regulated entities in India by designing a personalised AML framework – policies, internal controls, and procedures – and ensuring effective implementation of the same.
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