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FIU-IND, PFRDA Ink MoU to Boost Fight Against Money Laundering and Financial Crimes
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In a move aimed at tightening India’s anti-financial crime framework, the Financial Intelligence Unit-India (FIU-IND) and the Pension Fund Regulatory and Development Authority (PFRDA) have entered into a strategic Memorandum of Understanding (MoU) to strengthen cooperation and information exchange.
The agreement was formalized by Amit Mohan Govil, Director of FIU-IND, and Randip Singh Jagpal, Whole-Time Member of PFRDA, in the presence of PFRDA Chairperson Sivasubramanian Ramann. The partnership is expected to significantly enhance coordination between the two institutions in addressing money laundering and related financial offences.
Under the MoU, both bodies will collaborate on capacity-building initiatives, including training and outreach programmes for regulated and reporting entities. A key focus will be on improving Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) standards within entities overseen by PFRDA. The agreement also provides for periodic interactions, including quarterly meetings, to facilitate structured information sharing and policy discussions.
To streamline communication, each organization will appoint designated nodal officers, along with alternates, ensuring continuous coordination. The framework further enables international cooperation, allowing information exchange with global Financial Intelligence Units in line with Egmont Group principles.
The collaboration extends to joint efforts in assessing risks related to money laundering and terror financing across financial sub-sectors. It also includes identification of suspicious transaction indicators and strengthening compliance monitoring under relevant legal provisions such as the Prevention of Money Laundering Act (PMLA) and associated rules.
FIU-IND serves as the country’s central agency for collecting and analyzing financial intelligence linked to suspicious transactions, while PFRDA regulates and oversees India’s pension ecosystem, including schemes like the National Pension System and Atal Pension Yojana, ensuring transparency and safeguarding subscriber interests.
The agreement was formalized by Amit Mohan Govil, Director of FIU-IND, and Randip Singh Jagpal, Whole-Time Member of PFRDA, in the presence of PFRDA Chairperson Sivasubramanian Ramann. The partnership is expected to significantly enhance coordination between the two institutions in addressing money laundering and related financial offences.
Under the MoU, both bodies will collaborate on capacity-building initiatives, including training and outreach programmes for regulated and reporting entities. A key focus will be on improving Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) standards within entities overseen by PFRDA. The agreement also provides for periodic interactions, including quarterly meetings, to facilitate structured information sharing and policy discussions.
To streamline communication, each organization will appoint designated nodal officers, along with alternates, ensuring continuous coordination. The framework further enables international cooperation, allowing information exchange with global Financial Intelligence Units in line with Egmont Group principles.
The collaboration extends to joint efforts in assessing risks related to money laundering and terror financing across financial sub-sectors. It also includes identification of suspicious transaction indicators and strengthening compliance monitoring under relevant legal provisions such as the Prevention of Money Laundering Act (PMLA) and associated rules.
FIU-IND serves as the country’s central agency for collecting and analyzing financial intelligence linked to suspicious transactions, while PFRDA regulates and oversees India’s pension ecosystem, including schemes like the National Pension System and Atal Pension Yojana, ensuring transparency and safeguarding subscriber interests.
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