💨 Abstract

The Financial Intelligence Unit-India (FIU-IND) and the Reserve Bank of India (RBI) signed a MoU to enhance cooperation in implementing the Prevention of Money Laundering Act. The agreement involves sharing intelligence, laying down reporting procedures, conducting training, and supervising compliance. They will also assess money laundering and terror financing risks, identify red flags, and upgrade AML/CFT skills in regulated entities.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖