Fiu ind Registration

1. +91-7428899959 admin@seedlingassociates.com Request a Consultation Home Blog Contact Us Start a Business License & Registration Taxation IPR & Gaming Services NGO Compliances Accounting & Payroll FIU-IND Registration Home > FIU-IND Registration Financial Intelligence Unit - India Registration Get Consultation Today (Price Start at $ 360 /-) Name Money laundering refers to the various methodologies used to make assets acquired illicitly appear legal. It involves converting illegally obtained funds into seemingly lawful assets or creating businesses to generate further income for ?nancing the same illicit Email activities that originally generated the funds. Money laundering and terrorist ?nancing have become pressing concerns for the government and regulatory bodies around the globe. Phone In India, the primary laws enforced to combat money laundering activities is the Prevention of Money Laundering Act, 2002 (“PMLA”), How we can help and Prevention of Money Laundering (Maintenance of Record) Rules, 2005 (“PMLR”). The PMLA read with PMLR are coupled with rules and regulations formed by other regulators such as Reserve Bank of India (“RBI”), Securities Exchange Board of India (“SEBI”) which displays a broad framework for the anti-money laundering laws in India. SEND Financial Intelligence Unit of India (“FIU-IND”) FIU-IND was formed in 2004 as the prime body for coordinating India’s Anti-Money Laundering (“AML”) efforts. The main objectives and function of FIU-IND is to receive, analyse, process, and disseminate information relating to suspect ?nancial transactions. FIU- Our Registration Services IND  is an independent body reporting directly to the Economic Intelligence Council (EIC) headed by the Ministry. FIU-IND Start Up India Registration coordinates and strengthens the efforts of national investigation, international intelligence, and enforcement agencies in pursuing the Angel Tax Excemption (Section 56, global efforts against money laundering and ?nancing of terrorism. IT Act) Start-up tax excemption (Sec 80- Enforcement Directorate IAC) Legal Entity Identi?er Registration MSME/UDHYOG Aadhar The origin of this Directorate dates back to 1st May, 1956, when an ‘Enforcement Unit’ was formed in the Department of Economic Registration Affairs (“DEA”) for handling exchange control laws violations under Foreign Exchange Regulation Act, 1947 (“FERA”) (succeeded by IEC Registration Foreign Exchange Management Act, 1999 (“FEMA”)). The Directorate of Enforcement or Enforcement Directorate (“ED”) is a multi- ESI&PF Registration disciplinary organization which has powers to investigate the offences under money laundering and foreign exchange laws. The ED ISO Registration (Non-Audit) can enforce the following Acts: ISBN Registration FEMA, a law civil in nature dealing with permissibility, restrictions, prohibitions, and contraventions of exchange control laws and GST Registration imposes penalties. PMLA, a law criminal in nature to prevent and combat money laundering and terror ?nancing activities and punishment thereunder. Fugitive Economic Offenders Act, 2018, Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974. What are the documents required to take the registration with FIU-IND? The inclusive list of documents to be submitted for the registration: Brief on nature of business of Reporting Entity. Noti?cation details under which he the entity is categorized as a Reporting Entity. Brief note on corporate structure of the Reporting Entity. Details of signi?cant bene?cial ownership of the Reporting Entity. Copies of documents related to incorporation documents. Financial statements of the Reporting Entity for last 3 ?nancial years. Copies of GST registrations and GST returns for last 3 ?nancial years.  Copies of income tax returns. Need Help? Chat with us  A self-declaration that no proceedings have been initiated or pending with the ED or other authorities, against the applicant or its Need Help? Chat with us directors/partners.

2. A self-declaration that no criminal cases are initiated or pending against the applicant or its directors/partners. Any other information/document as may be required. PMLA and Reporting Entities Compliance Responsibility ‘Reporting Entity’ are entities noti?ed under section 2(1)(wa) of the PMLA from time to time (“Reporting Entity”). Reporting Entity are expected to comply with the regulations and guidelines issued by the regulatory authorities including but not limited to Know Your Client (“KYC”) Directions, AML Guidelines and Countering the Financing of Terrorism (“CFT”) Guidelines. This involves registering with the FIU-IND developing and implementing robust AML, CFT and KYC policies within their organizations and training their employees to identify suspicious transaction. Registration with FIU-IND: Chapter IV of the PMLA read with Rule 7(1) of the PMLR, stipulates that the Reporting Entity are required to get themselves registered with the Director, FIU-IND and also require to communicate the name, designation and address of their designated Director and the principal of?cer. Compliances under AML and CFT Guidelines: The AML & CFT Guidelines are issued for Reporting Entities across various sectors to meet the expected compliances under the regulations, which includes client due diligence, enhanced due diligence, suspicious activity reporting, record-keeping, ensure that records are accessible for regulatory examinations and audits, regulatory reporting, audits & assessments, etc. How can Seedling help you with FIU-IND Registration and PMLA Compliance in India? Seedling Assistance with registering your Reporting Entity with FIU-Ind. Communicate the name, designation and address of the designated director and principal of?cer of the Reporting Entity to the Regulators. Formulating the Client Due Diligence Programme which are speci?c to requirements of the Reporting Entity. Most common question about our services Who is a reporting entity? Reporting entity as de?ned under PMLA shall mean a banking company, intermediary ?nancial institution or a person carrying on a designated business or profession. Certain noti?ed reporting entities to such as real estate agents, jewelers, virtual digital assets service providers, trust and company service providers, etc. Why do you need to engage an expert for FIU-IND registration? While registration with the FIU-IND seems to be a sole obligation of the Reporting Entity, it is bundled compliance with all the requirements under the PMLA, PMLR and various other guidelines. The FIU-IND will scrutinize the application and may require further information/documentation to be furnished by the FIU-IND. The FIU-IND, in most cases, asks the relevant of?cer of the entity to appear before it in an in-person meeting. What actions can be taken by FIU-IND? Section 13 of PMLA empowers Director, FIU-IND to make enquiry and impose ?ne in required cases. For the purposes of section 13, Director, FIUIND has the same powers as are vested in a civil court under the Code of Civil Procedure, 1908, which include the following: Issuance of a warning Issuance of a direction to a reporting entity to comply with the speci?c instructions; Issuance of a direction to a reporting entity to send reports at speci?ed intervals as regards measures being taken to observe compliance; Imposition of a monetary penalty on the reporting entity. ESI and PF Registration Start Up India Registration  Need Help? Chat with us     Need Help? Chat with us

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