MoU will facilitate both agencies in developing operational information and support investigative agencies to prevent financial crimes, protect digital transactions and undertake asset recovery

In a significant step towards strengthening India's fight against cyber-frauds and financial crimes, the Financial Intelligence Unit-India (FIU-IND) and the Indian Cyber Crime Coordination Centre (I4C) signed a comprehensive Memorandum of Understanding (MoU) to enhance information sharing and coordination.

The MoU was signed by Shri Amit Mohan Govil, Director, FIU-IND, and Shri Rajesh Kumar, Chief Executive Officer, the Indian Cyber Crime Coordination Centre (I4C), marking a new era of collaborative intelligence sharing between the two agencies at the forefront of India’s fight against cyber fraud and financial crimes.

The collaboration comes at a juncture where India’s digital payment ecosystem has undergone a tremendous transformation requiring guardrails that safeguard citizens from cybercrime and fraud. The MoU shall assist both agencies in developing operational information and support investigative agencies to prevent financial crimes, protect digital transactions and undertake asset recovery.

The MoU aims to enable both agencies to establish robust feedback mechanisms for enhancing fraud detection protocols at the national level, while also facilitating the development and dissemination of guidelines and red flag indicators to financial institutions to strengthen cyber fraud prevention efforts. This is a milestone in adopting a “whole of Government” in approach toward the fight against cyber-crime.

ABOUT FINANCIAL INTELLIGENCE UNIT-INDIA (FIU-IND)

FIU-IND is the central national agency responsible for receiving, processing, analysing, and disseminating information relating to suspect financial transactions and coordinating efforts against money laundering and financing of terrorism.

ABOUT INDIAN CYBER CRIME COORDINATION CENTRE (I4C)

I4C is an attached office of MHA responsible for providing a framework and ecosystem for Law Enforcement Agencies (LEAs) for dealing with Cyber Crime in coordinated and comprehensive manner. I4C has developed various platforms such as National Cybercrime Reporting Portal (NCRP), Cyber-Police, Suspect Registry etc. which are secure platforms for real time intelligence sharing and coordination among various stakeholders including Law Enforcement Agencies (LEAs), Banks and Financial Institutions to combat cybercrimes including online financial crimes by enabling proactive action against the misuse of telecom, banking and other related resources.

Cyber fraud prevention through intelligence sharing and coordinated action now strengthened by a new inter-agency memorandum. The Financial Intelligence Unit-India and the Indian Cyber Crime Coordination Centre entered into a Memorandum of Understanding to strengthen coordination in combating cyber fraud and financial crimes. The arrangement provides for enhanced information sharing, development of operational intelligence, and support to investigative agencies for prevention of financial crimes, protection of digital transactions, and asset recovery. It also contemplates feedback mechanisms to improve fraud detection and the dissemination of guidelines and red flag indicators for financial institutions.