To combat money laundering and financial crimes, the Financial Intelligence Unit-India (FIU-IND) has signed memorandums of understanding (MoUs) with the Securities and Exchange Board of India (SEBI) and the Pension Fund Regulatory and Development Authority (PFRDA). These agreements aim to enhance information sharing and coordination among key financial regulators. The collaboration will strengthen intelligence-sharing mechanisms to tackle money laundering and terrorism financing.
Under these MoUs, SEBI and PFRDA will share intelligence and information from their databases with FIU-IND. They will also establish reporting procedures for regulated entities in compliance with the Prevention of Money Laundering (PML) Rules. The agreements will enable the exchange of information with foreign financial intelligence units based on the Egmont Principles of Information Exchange.
SEBI and PFRDA will collaborate with FIU-IND to conduct outreach and training programs for regulated entities to improve their Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) capabilities. The framework includes assessing money laundering and terror financing risks, identifying red-flag indicators for suspicious transactions, and enhancing supervision and compliance with relevant laws and guidelines.
The MoUs also outline regular coordination through designated nodal officers and quarterly meetings to exchange information and address mutual concerns while adhering to international standards. The agreements were signed by officials from FIU-IND, SEBI, and PFRDA, with the presence of PFRDA’s Chairperson, Sivasubramanian Ramann.
