Financial Crime World

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India’s Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) Regulatory Landscape

India’s AML/CTF regulatory landscape is a complex web of rules and regulations, with multiple bodies playing key roles in overseeing the financial sector. As of July 1, 2005, the Prevention of Money Laundering Act extended to all financial institutions and intermediaries, marking a significant milestone in India’s efforts to combat money laundering and terrorist financing.

Key Regulatory Bodies

At the heart of India’s AML/CTF regime are three primary regulatory bodies:

  • Financial Intelligence Unit-India (FIU-IND): Established in 2004, FIU-IND is a central national organisation responsible for collecting, sorting, analysing, and disseminating information about suspected financial activities to law enforcement authorities and international financial intelligence units.
  • Reserve Bank of India (RBI): The RBI is the central and primary financial regulator, responsible for issuing bank licences and developing and enforcing anti-money laundering and counter-terrorist financing laws. The RBI adheres to the Financial Action Task Force (FATF) strategy on combating money laundering and terrorist financing.
  • Securities and Exchange Board of India (SEBI): Established in 1992, SEBI is responsible for safeguarding the interests of securities investors and facilitating the orderly functioning of the securities market. SEBI also provides anti-money laundering and counter-terrorist financing rules for the financial markets.

Additional Regulatory Body

  • Insurance Regulatory Development Authority (IRDA): IRDA regulates, promotes, and ensures the orderly growth of the insurance and reinsurance industries in India. The authority is responsible for developing and implementing AML/CTF policies and procedures to prevent money laundering and terrorist financing in the insurance sector.

Conclusion

Together, these regulatory bodies form a robust AML/CTF framework that helps to protect India’s financial system from illicit activities and maintain its integrity in the global financial landscape.