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Eligibility Criteria for FIU-IND Reporting Entity Registration

The key eligibility criteria required for FIU-IND reporting entity registration are as discussed below:

• The entity must have a valid registration certificate of incorporation
• The entity must be either in the banking or financial profession
• The entity must mandatorily appoint a principal office & a designated director
• The entity must ensure compliance with a clear KYC/ ALM policy and capabilities

Who Can Register with FIU-IND India?

The list of entities eligible to register with FIU-IND India for reporting of transactions is as follows:

• Banking & financial institutions
• Non-banking financial companies
• Chit fund companies
• Securities & investment intermediaries
• Co-operative banking companies
• Housing finance institutions
• Virtual digital assets & crypto businesses
• Forex & money changing entities
• Dealers in high-value goods
• Gaming & casino businesses

How to Apply for Financial Intelligence Unit Registration in India?

The process for obtaining a financial intelligence unit registration in India is as discussed below:

• Step 1: Determine Reporting Entity Eligibility
  The first step requires the applicant to determine whether the business qualifies as a reporting entity under the PMLA and confirm that determination.
• Step 2: Self-Enrolment of Reporting Entity
  The next step requires the applicant to create an account on the FINGate 2.0 portal by submitting registration information and the principal place of business.
• Step 3: Appoint Key Compliance Officer
  The next step requires the applicant to appoint a principal officer and a designated director responsible for AML/ CFT compliance, reporting, and coordination with FIU-IND.
• Step 4: Allotment of FIU Identification Number
  After successful scrutiny of the application, the FIU-IND issues a unique reporting entity identification number for compliance reporting.
• Step 5: Access to Reporting Portal & System Integration
  The next step requires the applicant to obtain login credentials for the FINGate reporting system to file STRs, CTRs, and other mandatory reports.
• Step 6: Ongoing Compliance & Regulatory Reporting
  Lastly, the FIUs must ensure continuous compliance, including transaction monitoring, record maintenance, and timely submission of regulatory reports under PMLA.

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Aware of Post-Financial Intelligence Unit Registration Compliances?

The financial intelligence unit must comply with the following post financial intelligence unit registration compliance requirements, as discussed below:

• ALM CFT Policy Maintenance
  The entities must maintain and regularly update a robust Anti-Money Laundering and Counter Financing of Terrorism policy aligned with PMLA.
• Customer Due Diligence (CDD)
  The entities must conduct proper client identification, verification, and risk-based CDD measures before onboarding and during ongoing business relationships.
• Transaction Monitoring System
  The entities must implement transaction monitoring systems to detect suspicious, large, or unusual transactions in real time and on a risk-based basis.
• Maintenance of Records
  The entities must preserve transaction records, KYC documents, and client data for a minimum of 5 years from the date of the transaction or the end of the business relationship.
• Transaction Reporting (STR) Obligation
  The entities must report suspicious transactions promptly, within 7 working days of identifying suspicion, regardless of transaction value.
• Employee Training & Awareness Programs
  The entities must provide AML/ KYC training to staff to ensure effective identification and reporting of suspicious activities.

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• ALM CFT Policy Maintenance
  The entities must maintain and regularly update a robust Anti-Money Laundering and Counter Financing of Terrorism policy aligned with PMLA.
• Customer Due Diligence (CDD)
  The entities must conduct proper client identification, verification, and risk-based CDD measures before onboarding and during ongoing business relationships.
• Transaction Monitoring System
  The entities must implement transaction monitoring systems to detect suspicious, large, or unusual transactions in real time and on a risk-based basis.
• Maintenance of Records
  The entities must preserve transaction records, KYC documents, and client data for a minimum of 5 years from the date of the transaction or the end of the business relationship.
• Transaction Reporting (STR) Obligation
  The entities must report suspicious transactions promptly, within 7 working days of identifying suspicion, regardless of transaction value.
• Employee Training & Awareness Programs
  The entities must provide AML/ KYC training to staff to ensure effective identification and reporting of suspicious activities.