The Financial Intelligence Unit (FIU-IND) and the National Housing Bank (NHB) have signed a Memorandum of Understanding (MoU) as part of continued coordinated efforts in effective implementation of requirements of the Prevention of Money Laundering Act and Rules framed thereunder in New Delhi, today.  

The MoU was signed by Shri Vivek Aggarwal, Director, FIU-IND and Shri Sanjay Shukla, Managing Director, NHB.

 

According to the MoU, FIU-IND and NHB will cooperate with each other in the areas of mutual interest including the following:

1. Each Party to the MoU will appoint a nodal officer and an alternate nodal officer to interact with the other party.
2. Sharing of relevant intelligence and information, available in their respective databases, for the purpose outlined in this MoU.
3. Laying down procedure and manner in which the supervised entities / reporting entities report to FIU-IND under the PML Rules.
4. Conducting outreach and training for supervised entities /reporting entities.
5. Upgradation of AML/CFT skills in the supervised entities / reporting entities.
6. Assessment of AML/CFT risks and vulnerabilities in Housing Finance Companies in India.
7. Identification of red flag indicators for Suspicious Transaction Reports in the Housing Finance Companies in India.
8. Supervising and monitoring the compliance of supervised entities / reporting entities with their obligations under PMLA, PML Rules and the guidelines issued by the Reserve Bank of India/NHB.
9. Compliance with each other's obligations under the relevant international standards.
10.  Conduct of quarterly meeting to discuss the above in addition to typologies/trends in AML/CFT crimes, cases where sanctions have been imposed etc.

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NB/KMN

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