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Financial Intelligence Unit India

Inclusions of Package

  • Under PMLAall NBFC will require obtaining FIU Registration
  • Mandatory Compliance for the month

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What do you mean by FIU Registration?

Every reporting entity is required to verify and maintain the records of the identity of all its clients including beneficial ownersunder section 12 of PMLA, 2002 and rules thereunder.

Under Rules 9 and 10 of PMLA Rules there is a provision fo;r verification and maintenance of records of the identity of clients.

To Whom Reporting is made?

Following are the entity identified by the FIU-IND to be registered under FIU-IND and provide reporting of transaction

  • Banking Companies
  • Financial Institutions
  • Intermediaries
  • Chit Fund Companies
  • Co-operative Banks
  • Housing Finance Institutions
  • Non-Banking Financial Companies

Identity verification

A single transaction or several transactionswhose amount equal to or exceeding Rs. 50,000/- whether conducted as that appear to be connected or any international money transfer operations.

Documents which are required for Identification of the Client

  • Individual
  • For the  identity and address one certified copy of an officially valid document containing details and one recent photograph
    On the basis of nature of business and financial status of the clientsuch other documents as may be required by the reporting entity.
  • Company

Certificate of Incorporation (COI)/Memorandum of Association (MOA)& Article of Association of Company (AOA)
Resolution given to the managers, officers or employees to transact on its behalf from BOD and POA granted
Document officially provided  in respect of managers, officers or employees holding an attorney to transact on its behalf.

  • Partnership Firm

CertificateofRegistration
Partnership Deed
Document containing officially validity in respect of the person holding an attorney to transact on its behalf

  • Trust

Certificate of Registration
Trust Deed
Document containing officially validity in respect of the person holding an attorney to transact on its behalf

  • UIB/BODY OF INDIVIDULA (BOI)

To transact on its behalfResolution of Managing body of such association or body of individuals POA.
Document containing official validation in respect of the person holding an attorney to transact on its behalf
Forthe legal existence of such association or Body of Individual (BOI) such information as may be required by reporting entity.

*Note:As per Section 2(d) of PMLA Rules, 2005 meaning of officially valid Document is passport, driving license, PAN, Voter Identity Card.

A transaction whether or not made in cash which, to a person acting in good faithmeans suspicious transaction means

  1. There is reasonable ground of suspicion that it may involve the proceeds of crime; or
  2. There is some circumstances of unusual or unjustified complexity; or
  3. There is no economic rationale or bonafide purpose

(According Definition is given u/s 2(g) of PMLA Rules, 2005)

After the business relationship between a client and reporting entity has ended or the account has been closed, whichever islater.[Section 12(4) of PMLA Act, 2002 there is a requirement that the records of the identity of clients and its beneficial owners shall be maintained for a period of 5 years]

Maintenance of Transaction records

Following are the transaction to be recorded are:-

  • Foreign currencytransaction of in the natureof cash transaction of the value more than Rs. 10 lakhs or its equivalent
  • Foreign currencytransactions in nature of cash in series integrally connected to each other which have been valued below Rs. 10 lakhs or its equivalent in where such series of transaction have taken place within months
  • All transaction involving receipts of value more than Rs. 10 lakhs or its equivalent in foreign currency from a non-profit organization
  • All transactionin the nature of cash where forged or false currency notes or bank notes have been used as genuine or where any forgery of valuable security or a document has taken place facilitating the transaction
  • Transactionof  Suspicious nature whether in cash or not
  • Transaction behind the wire of borders in the nature of  transfer of the value of more than Rs. 5 lakhs or its equivalent in foreign currency where either the origin or destination of fund is in India
  • Transaction which are registered by reporting entity in the nature of purchase and sale by any person of immovable property valued at Rs. 50 lakhs or more

In the prescribed format and as per regulation thereunder all these types of transaction must be furnished by every reporting entity to FIU-IND.

Following informationshould be reflected in the Records

Nature of transaction
Demonization of the amount of transaction and currency
Transaction’s date on which it was conducted and
Parties who are in the transaction
TransactionOver and above of regular maintenance of records.

From the date of cessation of transactionsuch records to be maintained for a period of 10 years as per Rule 6 of PMLA, 2005.

Following are the Reports to be submitted

Reporting format are mainly of 5 types of i.e.

  1. Cash Transaction Report (CTR),
  2. Suspicious Transaction Report (STR),
  3.  Counterfeit Currency Report (CCR),
  4.  Cross-Border Wire Transfer Report (CBWTR) and
  5.  Report on sale/purchase of immovable property (IPR).

The method of filing is electronic over secure gateway.

S.No Report Description Due Date
1 CTR Amount of Rs. 10 lakh or more 15th day consecutive month
2 CCR Forged or false currency 15th day of consecutive month
3 NTR All transaction in the nature of receipts by NPO of value more than Rs. 10 lakhs or more 15th day of consecutive month
4 CBWTR Cross-Border Transfer Rs. 5 lakhs or more 15th day of consecutive month
5 IPR Transaction in nature of Sale purchase of Immovable property value exceeding Rs. 50 lakh or more 15th day of the month consecutive the quarter
6 STR Alltransaction in nature of  suspicious whether or not made in cash Not later than 7 working days on being satisfied that the transaction is suspicious

*For Non-Banking Financial Company:By 15th of the succeeding monthCash Transaction Report (CTR) for each month should be submitted to FIU-IND. Transaction below Rs. 50K may not be includedwhile filing CTR, individual. For timely submission of CTR and STR to FIU-INDthe Officer who is responsible is Principal Officer (PO). All branches to be consolidated and file at one report electronically. There is a requirement that report information relating to cash (CTR) and suspicious transaction (STR) are to submitted to Director, Financial Intelligence Unit India, 6th Floor, Hotel Samrat, Chanakyapuri. New Delhi-110021. [Based on Notification No. RBI-2005-06/352 DNBS(PD). CC 68/03.10.042/2005-06 dated 5th April 2006]

In what ways we can get reporting format?

In the “Downloads” section of the FIU-IND websitethe format of reporting transaction is available. This needs to be first generate and validate in another stage then XML file be uploaded after duly log into the site.

Entity’s Registration who is reporting

It is most to know the registration is of two-person i.e. first entity itself and second is registration of principal officer. For the registration following things are required to be done:-

First of all go to http://finnet.gov.in/ and Click on new user on the login page,
then click on register new reporting entity. Here fill the basic details of reporting relating to as reporting entity name, category and details of user and submit the form.
After that, To the FIU-IND the message displayed saying the details of reporting entity have to be submitted which will provides a reporting entity registration request number. Thensend a copy or hard copy to FIUby Clicking on registration request number to take print out. Scan copy should be emailed to ctrcell@fiuindia.gov.in. Paper/hard copy may be posted to Director, FIU-India, 6th Floor, Hotel Samrat,New Delhi-110021. Envelope containing registration request should be superscripted as “New Registration Request.

On approval, a communication of The FIUREID (unique identity number of an organization registered with FIU-IND) will be made to the email ID provided. Like registration of Reporting Entitythe process to register the Principal Officer is same but it will be enabled only after Entity registration on the FIU-IND portal.
No need to upload any documents forboth registration process, it just need to fill up the basic credentials of Reporting Entity and Principal Officer.

Registration Checklist

For Entity:

  • Registration Number provided by Regulator
  • Name of User, Contact Number (11 digits) & Email Id

For Principal Officer:

  • Principal Officer’s Aadhar Card
  • Telephone Number of Officer is compulsory
  • Mobile No. & Email Id (Preferably organization email-id)
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