RBI asks money changers to report suspicious deals in 7 days
The cental bank said non-compliance with the guidelines would attract penal provisions.
By PTI |
MUMBAI: To prevent money laundering, the Reserve Bank today asked money changers to furnish report of all suspicious transactions within seven days to the financial intelligence unit-India (FIU-IND).
"...all authorized persons are advised to furnish suspicious transaction teports to the FIU-IND in respect of their money changing activities within seven days of arriving at a conclusion that a transaction... or a series of transactions integrally connected are of suspicious nature," RBI said in a notification.
The FIU-IND was set up by the government as the central national agency responsible for receiving, processing, analyzing and disseminating information relating to suspect financial transactions.
It is an independent body reporting directly to the economic intelligence council (EIC) headed by the finance minister.
The cental bank said non-compliance with the guidelines would attract penal provisions.
"...all authorized persons are advised to furnish suspicious transaction teports to the FIU-IND in respect of their money changing activities within seven days of arriving at a conclusion that a transaction... or a series of transactions integrally connected are of suspicious nature," RBI said in a notification.
The FIU-IND was set up by the government as the central national agency responsible for receiving, processing, analyzing and disseminating information relating to suspect financial transactions.
It is an independent body reporting directly to the economic intelligence council (EIC) headed by the finance minister.
The cental bank said non-compliance with the guidelines would attract penal provisions.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
