{"id":28464,"date":"2025-01-30T16:14:28","date_gmt":"2025-01-30T10:44:28","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=28464"},"modified":"2026-01-23T23:41:06","modified_gmt":"2026-01-23T18:11:06","slug":"what-is-difference-between-fiu-and-faiu","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/what-is-difference-between-fiu-and-faiu\/","title":{"rendered":"What is difference Between FIU and FAIU?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e64d7354616\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e64d7354616\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/what-is-difference-between-fiu-and-faiu\/#Overview_on_Financial_Intelligence_Unit_%E2%80%93_India_FIU-IND\" title=\"Overview on\u00a0Financial Intelligence Unit \u2013 India (FIU-IND)\">Overview on\u00a0Financial Intelligence Unit \u2013 India (FIU-IND)<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/what-is-difference-between-fiu-and-faiu\/#Functions_of_Financial_Intelligence_Unit%E2%80%94India_FIU-IND\" title=\"Functions of Financial Intelligence Unit\u2014India (FIU-IND):\">Functions of Financial Intelligence Unit\u2014India (FIU-IND):<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/what-is-difference-between-fiu-and-faiu\/#Key_Responsibilities_of_Financial_Intelligence_Unit_%E2%80%93_India_FIU-IND\" title=\"Key Responsibilities of\u00a0Financial Intelligence Unit \u2013 India (FIU-IND)\">Key Responsibilities of\u00a0Financial Intelligence Unit \u2013 India (FIU-IND)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/what-is-difference-between-fiu-and-faiu\/#Difference_Between_financial_intelligence_Unit_foreign_asset_investigations_Unit\" title=\"Difference Between financial intelligence Unit &amp; foreign asset investigations Unit \">Difference Between financial intelligence Unit &amp; foreign asset investigations Unit <\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/what-is-difference-between-fiu-and-faiu\/#FIU-IND_Imposes_INR_549_Crore_Penalty_on_Paytm_Payments_Bank_for_PMLA_Violations\" title=\"FIU-IND Imposes INR 5.49 Crore Penalty on Paytm Payments Bank for PMLA Violations\">FIU-IND Imposes INR 5.49 Crore Penalty on Paytm Payments Bank for PMLA Violations<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/what-is-difference-between-fiu-and-faiu\/#Regulatory_violations_identified\" title=\"Regulatory violations identified:\">Regulatory violations identified:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/what-is-difference-between-fiu-and-faiu\/#Implications_Takeaways_on_Paytm_Payments_Bank_for_PMLA_Violations\" title=\"Implications &amp; Takeaways on\u00a0Paytm Payments Bank for PMLA Violations\">Implications &amp; Takeaways on\u00a0Paytm Payments Bank for PMLA Violations<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/what-is-difference-between-fiu-and-faiu\/#FIU-INDs_Final_Decision-on_Paytm_Payments_Bank_PMLA_Violations\" title=\"FIU-IND\u2019s Final Decision-on\u00a0Paytm Payments Bank PMLA Violations\">FIU-IND\u2019s Final Decision-on\u00a0Paytm Payments Bank PMLA Violations<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/what-is-difference-between-fiu-and-faiu\/#AML_KYC_Risk_Management_Policy_FIU%E2%80%91IND_Compliance_%E2%80%93_Virtual_Digital_Asset_USDT_Business\" title=\"AML + KYC + Risk Management Policy (FIU\u2011IND Compliance \u2013 Virtual Digital Asset \/ USDT Business)\">AML + KYC + Risk Management Policy (FIU\u2011IND Compliance \u2013 Virtual Digital Asset \/ USDT Business)<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/what-is-difference-between-fiu-and-faiu\/#Anti%E2%80%91Money_Laundering_AML_Policy\" title=\"Anti\u2011Money Laundering (AML) Policy\">Anti\u2011Money Laundering (AML) Policy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/carajput.com\/blog\/what-is-difference-between-fiu-and-faiu\/#Objectives_of_AML_Policy\" title=\"Objectives of AML Policy\">Objectives of AML Policy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/carajput.com\/blog\/what-is-difference-between-fiu-and-faiu\/#AML_Procedures\" title=\"AML Procedures\">AML Procedures<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/carajput.com\/blog\/what-is-difference-between-fiu-and-faiu\/#Third%E2%80%91Party_Payment_Restriction\" title=\"Third\u2011Party Payment Restriction\">Third\u2011Party Payment Restriction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/carajput.com\/blog\/what-is-difference-between-fiu-and-faiu\/#Know_Your_Customer_KYC_Policy\" title=\"Know Your Customer (KYC) Policy\">Know Your Customer (KYC) Policy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/carajput.com\/blog\/what-is-difference-between-fiu-and-faiu\/#Risk_Management_Policy\" title=\"Risk Management Policy\">Risk Management Policy<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-26282\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/FIU-Notices-and-Indian-Cryptocurrency-Exchanges.png\" alt=\"FIU-Notices-and-Indian-Cryptocurrency-Exchanges\" width=\"1831\" height=\"1304\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/FIU-Notices-and-Indian-Cryptocurrency-Exchanges.png 1831w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/FIU-Notices-and-Indian-Cryptocurrency-Exchanges-300x214.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/FIU-Notices-and-Indian-Cryptocurrency-Exchanges-1024x729.png 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/FIU-Notices-and-Indian-Cryptocurrency-Exchanges-768x547.png 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/FIU-Notices-and-Indian-Cryptocurrency-Exchanges-1536x1094.png 1536w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/FIU-Notices-and-Indian-Cryptocurrency-Exchanges-800x570.png 800w\" sizes=\"(max-width: 1831px) 100vw, 1831px\" \/><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Overview_on_Financial_Intelligence_Unit_%E2%80%93_India_FIU-IND\"><\/span><span style=\"color: #000080;\"><strong>Overview on\u00a0<\/strong><strong>Financial Intelligence Unit \u2013 India (FIU-IND)<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>The Financial Intelligence Unit &#8211; India (FIU-IND) is the central agency responsible for monitoring, analyzing, and disseminating financial intelligence related to money laundering and financial crimes. It operates under the Ministry of Finance and reports directly to the Economic Intelligence Council (EIC).<\/li>\n<li>Set up by: Government of India, 18th November 2004. Central national agency for receiving, processing, analyzing, and disseminating information on suspicious financial transactions (SFTs). FIU unit reports to\u00a0Economic Intelligence Council (EIC), headed by the Finance Minister.<\/li>\n<li>FIU-IND deals with domestic financial intelligence related to money laundering and tax evasion, collaborating with various enforcement agencies. However, FAIU is specifically tasked with foreign asset investigations and ensuring compliance with black money and tax laws, coordinating internationally.<\/li>\n<\/ul>\n<div><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Functions_of_Financial_Intelligence_Unit%E2%80%94India_FIU-IND\"><\/span><span style=\"color: #000080;\"><strong>Functions of Financial Intelligence Unit\u2014India (FIU-IND):<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Collection of Information: Receives financial transaction reports from banks, financial institutions, and intermediaries, including:\n<ul>\n<li>Cash Transaction Reports (CTRs)<\/li>\n<li>Non-Profit Organization Transaction Reports (NTRs)<\/li>\n<li>Cross-Border Wire Transfer Reports (CBWTRs)<\/li>\n<li>Purchase or Sale of Immovable Property Reports (IPRs)<\/li>\n<li>Suspicious Transaction Reports (STRs)<\/li>\n<\/ul>\n<\/li>\n<li>Analysis of Information: Analyzes transaction data to identify patterns of financial crime, suspicious transactions, and money laundering activities. and uses data analytics and AI-driven tools to uncover complex fraud networks.<\/li>\n<li>Sharing of Information: Disseminates intelligence to laww enforcement agencies (ED, CBI, NIA, Income Tax Department), regulatory authorities (RBI, SEBI,IRDAI),) and foreign financial intelligence units (FIUs) for international cooperation.<\/li>\n<li>Acting as a Central Repository: Maintains a national database of financial intelligence reports. and Helps in tracking financial frauds, tax evasion, and money laundering activities.<\/li>\n<li>Coordination &amp; Collaboration : Works with national, regional, and global networks to strengthen anti-money laundering (AML) measures. and coordinates with organizations like the Financial Action Task Force (FATF) for compliance with global AML\/CFT regulations.<\/li>\n<li>Research &amp; Analysis\u00a0 : Monitors trends, typologies, and emerging risks in money laundering and financial crime. and\u00a0Identifies vulnerabilities in financial institutions and regulatory frameworks.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Key_Responsibilities_of_Financial_Intelligence_Unit_%E2%80%93_India_FIU-IND\"><\/span><span style=\"color: #000080;\"><strong>Key Responsibilities of\u00a0<\/strong><strong>Financial Intelligence Unit \u2013 India (FIU-IND)<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Monitoring Suspicious Transactions: Collects Suspicious Transaction Reports (STRs) from banks, financial institutions, and intermediaries. and trackss high-value cash transactions, money laundering, and tax evasion cases.<\/li>\n<li>Coordination with National &amp; International Agencies: Works withthe Enforcementt Directorate (ED), Central Bureau of Investigation (CBI), Income Tax Department, RBI, SEBI, and foreign FIU and supportss investigations related to money laundering, terrorist financing, and economic crimes.<\/li>\n<li>Regulatory &amp; Compliance Enforcement: Ensures compliance with the Prevention of Money Laundering Act (PMLA),2002,. andmandatess reporting of high-value transactions from banks, insurance companies, and financial institutions.<\/li>\n<li>Global Cooperation: Collaborates withthe Financiall Action Task Force (FATF), Egmont Group, OECD, and other international bodies to curb financial crimes.<\/li>\n<li><span style=\"color: #000000;\">Significance of FIU-IND: Plays<\/span><span style=\"color: #000000;\">\u00a0a <\/span><span style=\"color: #000000;\">key role in preventing financialcrimes and<\/span><span style=\"color: #000000;\">, ensuring transparency intransactions;, alsostrengthens<\/span><span style=\"color: #000000;\">s <\/span><span style=\"color: #000000;\">India\u2019s anti-money laundering (AML) framework<\/span><span style=\"color: #000000;\">. andassists<\/span><span style=\"color: #000000;\">s in <\/span><span style=\"color: #000000;\">identifying and curbing black money and illicit fund flows<\/span><span style=\"color: #000000;\">.<\/span><\/li>\n<li>Why is FIU-IND important?\n<ul>\n<li>Prevents money laundering &amp; terror financing.<\/li>\n<li>Supports law enforcement in investigating financial crimes.<\/li>\n<li>Ensures compliance with international AML\/CFT standards.<\/li>\n<li>Protects India\u2019s financial system from illicit activities.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Difference_Between_financial_intelligence_Unit_foreign_asset_investigations_Unit\"><\/span><span style=\"color: #000080;\"><strong>Difference Between financial intelligence Unit &amp; <\/strong><strong>foreign asset investigations <\/strong><strong>Unit <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th><span style=\"color: #000080;\">Feature<\/span><\/th>\n<th><span style=\"color: #000080;\"><strong>Financial Intelligence Unit (FIU-IND)<\/strong><\/span><\/th>\n<th><span style=\"color: #000080;\"><strong>Foreign Assets Investigation Unit (FAIU)<\/strong><\/span><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Background<\/td>\n<td>Established to collect, analyze, and disseminate financial intelligence to combat money laundering, terrorist financing, and financial crimes.<\/td>\n<td>Focuses on undisclosed foreign assets, income, and financial transactions, especially violations of tax and financial laws.<\/td>\n<\/tr>\n<tr>\n<td>Key Focus<\/td>\n<td>Suspicious Financial Transactions (SFTs) flagged by banks and financial institutions, including high-value cash transactions and unusual fund flows.<\/td>\n<td>Investigating Indian taxpayers with unreported foreign assets, foreign bank accounts, offshore investments, and properties abroad.<\/td>\n<\/tr>\n<tr>\n<td>Legal Framework<\/td>\n<td>Operates under the Prevention of Money Laundering Act (PMLA), 2002 and reports to the Economic Intelligence Council (EIC), headed by the Finance Minister.<\/td>\n<td>Operates under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act (BMA), 2015 along with the Income Tax Act, 1961 (ITA).<\/td>\n<\/tr>\n<tr>\n<td>Scope of Activities<\/td>\n<td>&#8211; Collecting Suspicious Transaction Reports (STRs).<br \/>\n&#8211; Sharing intelligence with ED, CBI, Income Tax Department, foreign FIUs, etc.<br \/>\n&#8211; Investigating financial crimes within India.<\/td>\n<td>&#8211; Probing shell companies and tax haven accounts.<br \/>\n&#8211; Enforcing tax evasion cases involving foreign assets.<br \/>\n&#8211; Imposing penalties under BMA, 2015.<br \/>\n&#8211; Seizing assets located in India related to foreign tax evasion.<br \/>\n&#8211; Coordinating with OECD, FATF, and international financial bodies.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"FIU-IND_Imposes_INR_549_Crore_Penalty_on_Paytm_Payments_Bank_for_PMLA_Violations\"><\/span><span style=\"color: #000080;\"><strong>FIU-IND Imposes INR 5.49 Crore Penalty on Paytm Payments Bank for PMLA Violations<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-28475\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2025\/01\/Paytm-.jpg\" alt=\"Paytm -FIU\" width=\"931\" height=\"411\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2025\/01\/Paytm-.jpg 931w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2025\/01\/Paytm--300x132.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2025\/01\/Paytm--768x339.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2025\/01\/Paytm--800x353.jpg 800w\" sizes=\"(max-width: 931px) 100vw, 931px\" \/><\/p>\n<ul>\n<li>The Financial Intelligence Unit-India (FIU-IND) has imposed a monetary penalty of \u20b95.49 crore on Paytm Payments Bank Ltd (PPBL) for violating its obligations under the Prevention of Money Laundering Act (PMLA), 2002, and the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 (PML Rules).<\/li>\n<li>FIU-IND reviewed Paytm Payments Bank Ltd after receiving specific inputs from law enforcement agencies regarding certain entities engaged in illegal activities, including online gambling. The probe revealed that proceeds of crime from these illegal operations were being routed and channeled through bank accounts maintained with Paytm Payments Bank Ltd.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Regulatory_violations_identified\"><\/span><span style=\"color: #000080;\"><strong>Regulatory violations identified:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ol>\n<li>Failure to comply with AML (Anti-Money laundering) and CFT (counterfinancing of terrorism) norms.<\/li>\n<li>Non-compliance with Know Your Customer (KYC) safeguards for payout services and beneficiary accounts.<\/li>\n<li>Violations of various PML Rules, including:\n<ul>\n<li>Rule 7(3) &amp; Rule 2(1)(g) (failure in reporting obligations).<\/li>\n<li>Rule 8(2) read with Rule 3(1)(D) &amp; Rule 2(1)(g) (failure in transaction monitoring).<\/li>\n<li>Rule 9(12) &amp; Rule 9(14) (failure in KYC compliance).<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<h3><span class=\"ez-toc-section\" id=\"Implications_Takeaways_on_Paytm_Payments_Bank_for_PMLA_Violations\"><\/span><span style=\"color: #000080;\"><strong>Implications &amp; Takeaways on\u00a0<\/strong><strong>Paytm Payments Bank for PMLA Violations<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Payment banks must rigorously follow AML\/CFT norms and KYC regulations to prevent misuse of financial channels.The penalty highlights increasing scrutiny on digital payment players and banks handling high-risk transactions. Entities using such banks for financial transactions should ensure compliance to avoid legal consequences.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"FIU-INDs_Final_Decision-on_Paytm_Payments_Bank_PMLA_Violations\"><\/span><span style=\"color: #000080;\"><strong>FIU-IND\u2019s Final Decision-<\/strong><strong>on\u00a0<\/strong><strong>Paytm Payments Bank <\/strong><strong>PMLA Violations<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Show Cause Notice issued: Paytm Payments Bank was asked to respond to compliance failures. Written and oral submissions were considered. Violations were substantiated based on voluminous evidence. On March 1, 2024, FIU-IND imposed a penalty of \u20b95.49 crore on Paytm Payments Bank Ltd under Section 13 of the PMLA. Official Press Release: <a href=\"https:\/\/pib.gov.in\/PressReleasePage.aspx?PRID=2010719\" target=\"_new\" rel=\"noopener\">Press Information Bureau (PIB)<\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"AML_KYC_Risk_Management_Policy_FIU%E2%80%91IND_Compliance_%E2%80%93_Virtual_Digital_Asset_USDT_Business\"><\/span><span style=\"color: #000080;\"><strong>AML + KYC + Risk Management Policy (FIU\u2011IND Compliance \u2013 Virtual Digital Asset \/ USDT Business)<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div>\n<h3><span class=\"ez-toc-section\" id=\"Anti%E2%80%91Money_Laundering_AML_Policy\"><\/span><span style=\"color: #000080;\"><strong>Anti\u2011Money Laundering (AML) Policy<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>TR Bullion Traders fully complies with all rules and requirements of the Prevention of Money Laundering Act, 2002 (PMLA), and the Financial Intelligence Unit\u2014India (FIU\u2011IND). The purpose of this policy is to prevent Money Laundering, terrorist financing, and illegal and unlawful financial activities<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Objectives_of_AML_Policy\"><\/span><span style=\"color: #000080;\"><strong>Objectives of AML Policy<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Ensuring proper identification of all customers (KYC)<\/li>\n<li>Monitoring all transactions<\/li>\n<li>Detecting and reporting suspicious transactions (STR)<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"AML_Procedures\"><\/span><span style=\"color: #000080;\"><strong>AML Procedures<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Mandatory KYC for all customers<\/li>\n<li>Continuous monitoring of all transactions<\/li>\n<li>Filing STR (Suspicious Transaction Report) with FIU\u2011IND when required<\/li>\n<li>Maintaining all records for a minimum of\u00a05 years<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Third%E2%80%91Party_Payment_Restriction\"><\/span><span style=\"color: #000080;\"><strong>Third\u2011Party Payment Restriction<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Third\u2011party payments are strictly prohibited<\/li>\n<li>Payments are accepted only from the customer\u2019s own verified bank account<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Know_Your_Customer_KYC_Policy\"><\/span><span style=\"color: #000080;\"><strong>Know Your Customer (KYC) Policy<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><strong><span style=\"color: #000080;\">Purpose of KYC :<\/span>\u00a0<\/strong>To verify the customer\u2019s Identity, address, and Bank account ownership<\/li>\n<li><strong><span style=\"color: #000080;\">Required KYC Documents :<\/span> <\/strong><span style=\"font-size: 16px;\">PAN Card, <\/span><span style=\"font-size: 16px;\">Aadhaar Card \/ Voter ID \/ Passport &amp; <\/span><span style=\"font-size: 16px;\">Bank account proof (must be customer\u2019s own account)<\/span><\/li>\n<li><span style=\"color: #000080;\"><strong>KYC Process: <\/strong><\/span><span style=\"font-size: 16px;\">Verification of identity and address; the customer\u2019s<\/span><span style=\"font-size: 16px;\"> bank account must be in their own name, &amp; <\/span><span style=\"font-size: 16px;\">No transaction is allowed without complete KYC<\/span><\/li>\n<li><strong><span style=\"color: #000080;\">KYC Record Keeping: All<\/span><\/strong><span style=\"font-size: 16px;\">\u00a0KYC documents will be securely stored for <\/span>at least 5 years<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Risk_Management_Policy\"><\/span><span style=\"color: #000080;\"><strong>Risk Management Policy<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><strong><span style=\"color: #000080;\">Purpose :<\/span>\u00a0<\/strong>To identify and mitigate risks related to Fraud, Money Laundering, Cybersecurity threats &amp; Other operational or financial risks<\/li>\n<li><strong><span style=\"color: #000080;\">Risk Assessment:<\/span> <\/strong><span style=\"font-size: 16px;\">Regular analysis of customer and transaction risk, <\/span><span style=\"font-size: 16px;\">Identification of <\/span>high-risk customers\/transactions, and enhanced<span style=\"font-size: 16px;\">\u00a0monitoring for suspicious activities<\/span><\/li>\n<li><strong><span style=\"color: #000080;\">Transaction Monitoring<\/span> : <\/strong><span style=\"font-size: 16px;\">Special attention to <\/span>high\u2011value transactions &amp; <span style=\"font-size: 16px;\">Identification of unusual patterns or abnormal behaviour<\/span><\/li>\n<li><strong><span style=\"color: #000080;\">Action Plan for Suspicious Activity :<\/span>\u00a0<\/strong>If a suspicious transaction is detected, Seek explanation\/clarification from the customer, Pause\/hold the transaction if required, File STR with FIU\u2011IND<\/li>\n<li><span style=\"color: #000080;\"><strong>Record Keeping Policy :\u00a0<\/strong><\/span>TR Bullion Traders will maintain all KYC records, transaction details, and compliance documentation for a minimum period of 5 years, as legally required.<\/li>\n<li><span style=\"color: #000080;\"><strong>Declaration (With Signature &amp; Stamp) :\u00a0<\/strong><\/span>The authorized signatory declares\u00a0The firm fully complies with PMLA, 2002, and FIU\u2011IND rules; All AML, KYC, and Risk Management policies mentioned in the document are implemented in the business; and the\u00a0firm will continue to follow these regulations in the future<\/li>\n<\/ul>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Overview on\u00a0Financial Intelligence Unit \u2013 India (FIU-IND) The Financial Intelligence Unit &#8211; India (FIU-IND) is the central agency responsible for monitoring, analyzing, and disseminating financial intelligence related to money laundering and financial crimes. It operates under the Ministry of Finance and reports directly to the Economic Intelligence Council (EIC). Set up by: Government of India, &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9906],"tags":[10312],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/28464"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=28464"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/28464\/revisions"}],"predecessor-version":[{"id":31060,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/28464\/revisions\/31060"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=28464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=28464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=28464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}