FAQ on FIU-IND Reporting on FINGate 2.0 Portal

Frequently asked questions on Financial Intelligence Unit – India (FIU-IND) Reporting on FINGate 2.0 Portal

Here are the frequently asked questions related to Financial Intelligence Unit – India reporting on the FINGate 2.0 Portal:

What Is FIU-IND Reporting?

FIU-IND Reporting is a platform used by different entities registered under various laws to share information and data with direct and indirect implications for India’s financial well-being. The platform ensures that Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) processes and controls are effectively implemented to prevent, deter, and detect misuse or abuse of the Indian Financial System.

What is the role of Financial Intelligence Unit – India?

FIU-IND is the central national agency responsible for receiving, processing, analyzing, and disseminating information relating to suspect financial transactions to enforcement agencies and foreign Financial Intelligence Units.

Is Financial Intelligence Unit – India a regulatory authority?

The Director, Financial Intelligence Unit – India is the specified authority for enforcement of provisions relating to maintenance of records & furnishing of information by reporting entities.

Which reports are needed to be filed to Financial Intelligence Unit – India (FIU-IND)?

The indicative list of reports to be submitted to FIU-IND includes:

• NTR (Non-Profit Organization Transaction Report)
• CBWTR (Cross Border Wire Transfer Report)
• PTR (Property Transaction Report)
• CCR (Counterfeit Currency Transaction Report)
• STR (Suspicious Transaction Report)
• CTR (Cash Transaction Report)

These reports are crucial for FIU-IND to monitor and analyze financial transactions, ensuring the integrity of India’s financial system and preventing financial crimes.

What Is Financial Intelligence Network 2.0 ?

Financial Intelligence Network 2.0 is an upgraded version of Financial Intelligence Network 1.0, serving as the primary platform within the reporting framework set up by Financial Intelligence Unit – India (FIU-IND). It enables a robust system that validates the data filed by reporting entities with support from external data sources. Financial Intelligence Network 2.0 prioritizes & identifies cases from reports using risk analytics.

Financial Intelligence Network 2.0 comprises 3 sub-systems: Components of Financial Intelligence Network 2.0:  Sub-Systems for Information Collection & Dissemination

• FINGate: Data collection platform. Responsible for collecting data from various reporting entities.
• FINCore: Analytics engine. Serves as analytics hub, utilizing AI & risk analytics to process & analyze data.
• FINex : Platform for intelligence dissemination. Facilitates the dissemination of intelligence to relevant enforcement agencies & international partners.

Types of Reports to Be Submitted to Financial Intelligence Unit – India on the Financial Intelligence Network 2.0 Portal for Non-Banking Financial Companies (NBFCs), Financial Institutions (FIs) & Others:

1. CTR (Cash Transaction Report )
2. STR (Suspicious Transaction Report)

The reporting need to Financial Intelligence Unit – India are determined by nature of provided service.

Detailed Report Types

• CTR (Cash Transaction Report): To be filed for all cash transactions exceeding Rs. 10,00,000/- (or its equivalent in foreign currency) either as a single transaction or multiple transactions that are integrally linked within a month.
• STR (Suspicious Transaction Report): To be furnished immediately upon the organization determining that the transaction is suspicious, regardless of the amount.

These reports support Financial Intelligence Unit- India monitor & implement effective
Anti-money Laundering and Counter-terrorism Financing measures to ensure the integrity of India’s financial system.

Additional Information

If you require specific reporting requirements for a particular industry or further details on the types of reports, please let me know, and I will provide the necessary information promptly.

What is the monetary limit to report a CTR (Cash Transaction Report)?

The monetary limit for reporting Cash Transactions is more than Rs. 10,00,000/- or the equivalent value in foreign currency. This could be a single transaction, or a series of transactions integrally linked to each other that have occurred within one month.

What is the monetary limit to report a PTR (Property Transaction Report)?

For PTR (Property Transaction Report), every purchase & sale by any person of immovable property valued at Rs. 50,00,000/- or more must be reported.

What are the timelines to be followed for reporting a Suspicious Transaction Report (STR) to FIU-IND?

The STR should be furnished immediately once the organization is satisfied that the transaction is suspicious.

Which transactions must be reported to the Financial Intelligence Unit?

Every transaction in which the reporting entity has suspicion needs to be reported to Financial Intelligence Unit, Moreover, Financial Intelligence Unit also provides the list of indicative transactions that need to be reported even if suspicious doesn’t exist. This list is based on the threshold value of the transaction depending upon the nature & parties involved in the transaction. Also, in certain cases, transactions must be reported because the product’s value exceeds the threshold limit.

What is monetary limit to report an NTR (Non-Profit Organization Transaction Report)?

For NGO or NPO organizations, all transactions involving receipts of value more than Rs. 10,00,000/- or its equivalent in foreign currency must be reported in an NTR.

What is the monetary limit to report a CBWTR (Cross Border Wire Transfer Report)?

CBWTR must be reported for amounts more than Rs. 5,00,000/- or its equivalent in foreign currency where the fund’s origin or destination is in India.