SEBI signs Memorandum of Understanding (MoU) on Mutual Cooperation with FIU-IND

The Securities and Exchange Board of India (SEBI) and the Financial Intelligence Unit, India (FIU-IND) signed a Memorandum of Understanding (MoU) on Mutual Cooperation, on May 02, 2014 at SEBI Northern Regional Office, New Delhi, as part of continued coordinated efforts in effective implementation of requirements of the Prevention of Money Laundering Act and the Rules framed thereunder.

The MoU was signed by Shri R.K. Agarwal (Whole Time Member, SEBI) and Shri Praveen K Tiwari, (Director, FIU-IND).

According to the MoU, SEBI and FIU-IND will cooperate with each other in areas of mutual interest including the following:

a) Sharing of intelligence and information available in their respective databases.

 

b) Laying down procedure and manner in which the Reporting Entities report to FIU-IND under the PML Rules.

c) Conducting outreach and training for reporting entities.

d) Upgradation of AML/CFT skills in the reporting entities regulated by SEBI.

e) Assessment of Anti-Money laundering/Combating Financing of Terrorism (AML/CFT) risks and vulnerabilities in the capital market sector.

f) Identification of red flag indicators for Suspicious Transaction Reports (STRs) in the capital market sector.

g) Supervising and monitoring the compliance of reporting entities with their obligations under PMLA.

h) Compliance with each others obligations under the relevant international standards.

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