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Govt asks NBFCs to report details of clients to FIU-IND

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Govt asks NBFCs to report details of clients to FIU-IND
NBFCs have been asked to register with the financial intelligence unit FIU-IND and report details of clients under the Prevention of Money Laundering Act
The government on Thursday asked non banking financial companies (NBFCs) to register with the country’s financial intelligence unit (FIU-IND) and report details of clients as per the requirements under the Prevention of Money Laundering Act.As unregistered NBFCs remain outside the reporting ambit of FIU-IND, they pose a risk to the integrity of the country’s financial system, the government said.
Last month, FIU-IND had put out a list of nearly 9,500 NBFCs who were non-compliant.The list has been published by FIU-IND to enable the bankers to conduct enhanced due diligence of the transactions carried out by such NBFCs, the statement said, adding that the companies’ names would be deleted from the list once they register with the agency.
The Mint, New Delhi, 23rd March 2018

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