Financial Intelligence Unit – India — Financial Intelligence Unit – India

Introduction to the regulator: The source says FIU-IND is part of the Department of Revenue under India’s Ministry of Finance and performs regulatory functions under the Prevention of Money Laundering Act, 2002 (PMLA). Listed functions include collecting, processing and analyzing financial reports such as Cash Transaction Reports (CTR), Suspicious Transaction Reports (STR) and cross-border transfer reports; sharing analysis with law-enforcement agencies, regulators and foreign FIUs; serving as a national financial-intelligence repository and international anti-money-laundering coordination hub; and performing AML/CFT oversight under the PMLA and related rules, including penalties for violations. The source gives a 2020 penalty against PayPal of INR 960,000.