Non-Compliant NBFCs which have not fulfilled their obligations under PML Rules asked to do so

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..... Non-Compliant NBFCs which have not fulfilled their obligations under PML Rules asked to do so
News and Press Release
Dated:- 22-3-2018

Prevention of Money Laundering Act, 2002 (PMLA) and the Rules impose obligation on reporting entities (RE's) including Non-Banking Financial Companies (NBFC's) to verify identity of clients, maintain records and furnish information to FIU-IND. To faci .....

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..... litate the filing of prescribed reports under PMLA, FIU-IND has developed a platform called FINnet Gateway portal. In order to file the prescribed reports, it is necessary for a Reporting Entity (RE) to register itself and its Principal Officer (PO) through the FINnet Gateway portal of FIU-IND. As these unregistered NBFCs remain outside the reporting ambit of FIU-IND, they pose a risk to the inte .....

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..... grity of the country's financial system and therefore, FIU-IND has published the list of such 'non-compliant NBFCs which have not fulfilled their obligation under PML Act and Rules relating to non registration of Principal Officer'. The said list has been published by FIU-IND so as to enable the bankers to conduct enhanced due diligence of the transactions carried out by such NBFCs. Further, as pe .....

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..... r provisions of the PML Act and Rules, all NBFCs are required to intimate the details of their Designated Director to FIU-IND. (It may be noted that registration of RE and PO is only through the online mode, i.e. FINnet Gateway portal (https://finnet.gov.in/), while intimation of appointment / change of Designated Director is by way of a letter to FIU-IND). All NBFCs which have failed to comply w .....

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..... ith any of the above requirements are now required to register their Reporting Entity (RE), Principal Officer (PO) and Designated Director with FIU-IND. The procedure for registration of RE and PO is available on the FIU-IND website (fiuindia.gov.in). All unregistered NBFCs are required to contact the CTR Cell, FIU-IND (011-24672138, [email protected]) for any registration related queries. .....

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..... FIU-IND would delete the names of NBFCs once their registration process is completed and the list would be revised monthly.
News - Press release - PIB .....

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