Financial Intelligence Network 2.0: FIU-IND Reporting
Table of Contents
FIU – IND Reporting Guide for Entities on Financial Intelligence Network 2.0 Portal
- FIU-IND stands for the Financial Intelligence Unit of India, the central national agency responsible for collecting intelligence related to financial transactions in India. Its primary function is to safeguard India’s financial system from the adverse impacts of money laundering, terrorist financing, and other economic crimes. Financial Intelligence Unit – India reports to the Economic Intelligence Council (EIC), which is headed by the Finance Minister of India.
- Rationale for Upgrade: The rapid increase in data volume from suspicious transaction reports required a technological upgrade to maintain efficient and effective financial crime monitoring.
- Technological Integration: Financial Intelligence Network 2.0 integrates artificial intelligence (AI) and machine learning tools to enhance the analytical capabilities of Financial Intelligence Unit – India.
- India’s Financial Intelligence Unit Unveils Advanced Technology System to Combat Financial Crimes. Indian Govt Launch of Financial Intelligence Network 2.0 (FINNet 2.0) by India’s Financial Intelligence Unit
- Rising Data Volume Demands Technological Upgrade: The significant increase in suspicious transaction reports necessitated the upgrade to enhanced analytical capabilities.
- Established to Fight Money Laundering and Terror Financing: Financial Intelligence Unit was founded in 2004 under the Prevention of Money Laundering Act with the primary objective of combating financial crimes such as money laundering and terror financing.
- Financial Intelligence Network 2.0 Enhances Analytical Competencies: The new system leverages emerging technologies like AI and machine learning to provide better analytical capabilities and improve compliance monitoring.
- Focus on Data Security and Confidentiality: Strong encryption and access controls are implemented to ensure the confidentiality and security of sensitive financial information.
- Key Features Include Risk Analytics and AI Integration: Financial Intelligence Network 2.0 prioritizes cases using risk analytics and employs AI for advanced data analytics.
- Security Measures: Financial Intelligence Network 2.0 Emphasis on robust data security protocols, including strong encryption and access controls, to safeguard sensitive financial information and ensure confidentiality.
Components of Financial Intelligence Network 2.0: Sub-Systems for Information Collection & Dissemination
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- FINGate: Data collection platform. Responsible for collecting data from various reporting entities.
- FINCore: Analytics engine. Serves as the analytics hub, utilizing AI and risk analytics to process and analyze data.
- FINex: Platform for intelligence dissemination. Facilitates the dissemination of intelligence to relevant enforcement agencies and international partners.
Financial Intelligence Unit – India Reporting
- Financial Intelligence Network 2.0 represents a significant step forward in Financial Intelligence Unit – India efforts to combat financial crimes, leveraging cutting-edge technology to enhance its analytical and compliance monitoring capabilities.
- The indicative list of reports to be submitted to Financial Intelligence Unit – India includes:
- PTR (Property Transaction Report)
- NTR (Non-Profit Organization Transaction Report)
- CCR (Counterfeit Currency Transaction Report)
- STR (Suspicious Transaction Report)
- CBWTR (Cross Border Wire Transfer Report)
- CTR (Cash Transaction Report)
- The indicative list of reports to be submitted to Financial Intelligence Unit – India includes:
- Financial Intelligence Unit of India has Primary Function to Safeguard India’s financial system from the adverse impacts of money laundering, terrorist financing, and other economic crimes. & Reporting Body of FIU-IND reports to the Economic Intelligence Council (EIC), headed by the Finance Minister of India.
- Financial Intelligence Network 2.0 Portal (FINNet 2.0) represents a significant step forward in FIU-IND’s efforts to combat financial crimes, leveraging cutting-edge technology to enhance its analytical and compliance monitoring capabilities. The system’s advanced features and robust security measures ensure the effective safeguarding of India’s financial system.
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