TaxTMI 
TaxTMI 
Non-Compliant NBFCs which have not fulfilled their obligations under PML Rules asked to do so
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....on-Compliant NBFCs which have not fulfilled their obligations under PML Rules asked to do so <br>News and Press Release<br>Dated:- 22-3-2018<br><BR>Prevention of Money Laundering Act, 2002 (PMLA) and the Rules impose obligation on reporting entities (RE's) including Non-Banking Financial Companies (NBFC's) to verify identity of clients, maintain records and furnish information to FIU-IND. To facil....
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....itate the filing of prescribed reports under PMLA, FIU-IND has developed a platform called FINnet Gateway portal. In order to file the prescribed reports, it is necessary for a Reporting Entity (RE) to register itself and its Principal Officer (PO) through the FINnet Gateway portal of FIU-IND. As these unregistered NBFCs remain outside the reporting ambit of FIU-IND, they pose a risk to the integ....
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....rity of the country's financial system and therefore, FIU-IND has published the list of such 'non-compliant NBFCs which have not fulfilled their obligation under PML Act and Rules relating to non registration of Principal Officer'. The said list has been published by FIU-IND so as to enable the bankers to conduct enhanced due diligence of the transactions carried out by such NBFCs. Further, as per....
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.... provisions of the PML Act and Rules, all NBFCs are required to intimate the details of their Designated Director to FIU-IND. (It may be noted that registration of RE and PO is only through the online mode, i.e. FINnet Gateway portal (https://finnet.gov.in/), while intimation of appointment / change of Designated Director is by way of a letter to FIU-IND). All NBFCs which have failed to comply wi....
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....th any of the above requirements are now required to register their Reporting Entity (RE), Principal Officer (PO) and Designated Director with FIU-IND. The procedure for registration of RE and PO is available on the FIU-IND website (fiuindia.gov.in). All unregistered NBFCs are required to contact the CTR Cell, FIU-IND (011-24672138, [email protected]) for any registration related queries. F....
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....IU-IND would delete the names of NBFCs once their registration process is completed and the list would be revised monthly.<BR> News - Press release - PIB....