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FIU-IND and NHB Sign MoU to Strengthen Coordination and Information Sharing.

MOUs and Agreement | Dated: 21 Jan 2025

In January 2025, the Financial Intelligence Unit-India (FIU-IND) under the Ministry of Finance (MoF) and the National Housing Bank (NHB) signed an MoU in New Delhi to enhance collaboration in intelligence sharing, capacity building, and risk assessment.

🎯 Key Highlights:

  • - The partnership focuses on strengthening the implementation of the Prevention of Money Laundering Act (PMLA), 2002, and associated rules to combat money laundering and terrorism financing.
  • - Both FIU-IND and NHB will appoint nodal and alternate nodal officers to coordinate activities and facilitate smooth collaboration between the two entities.
  • - The MoU includes provisions for sharing relevant intelligence and database information to improve oversight and compliance.

💡 Other Important Facts:

  • (i) Outreach and training programs will be conducted to enhance the Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) skills of supervised entities, including Housing Finance Companies (HFCs).
  • (ii) The entities will supervise and monitor reporting entities' adherence to obligations under the PMLA, PML Rules, and guidelines issued by the Reserve Bank of India (RBI) and NHB.
  • (iii) Quarterly meetings will be held to discuss AML/CFT typologies, trends, and red flag indicators for suspicious transactions, along with assessments of risks and vulnerabilities in the housing finance sector.

📚 Test Your Knowledge:

With which organization did the Financial Intelligence Unit-India (FIU-IND) recently sign an MoU to enhance coordination and information sharing?

Correct Answer: NHB

🚀 Quick Recap:

About Financial Intelligence Unit-India (FIU-IND)

  • Director : Vivek Aggarwal
  • Headquarters : New Delhi