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TMI BlogNon-Compliant NBFCs which have not fulfilled their obligations under PML Rules asked to do soX X X X Extracts X X X X X X X X Extracts X X X X ..... Non-Compliant NBFCs which have not fulfilled their obligations under PML Rules asked to do so - News and Press Release Dated:- 22-3-2018 - News - 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 fac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ilitate 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 i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntegrity 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per 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 com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ply with 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 quer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ies. 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 Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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