FIU-IND and National Housing Bank sign MoU on PMLA compliance
The Financial Intelligence Unit-India (FIU-IND) and the National Housing Bank (NHB) signed an MoU in New Delhi on 17 January 2025 for coordination and information exchange under the Prevention of Money Laundering Act.
Summary
The Financial Intelligence Unit-India (FIU-IND) and the National Housing Bank (NHB) signed a Memorandum of Understanding in New Delhi on 17 January 2025 for coordinated implementation of the Prevention of Money Laundering Act (PMLA) and its Rules. FIU-IND Director Vivek Aggarwal and NHB Managing Director Sanjay Shukla signed the MoU. The two will appoint nodal officers, share intelligence, conduct outreach and training for reporting entities, assess AML/CFT risks in Housing Finance Companies, identify red flag indicators for Suspicious Transaction Reports, and hold quarterly meetings.
Key facts
- Signed
- 17 January 2025, New Delhi
- Parties
- FIU-IND and National Housing Bank
- Signatories
- Vivek Aggarwal (Director, FIU-IND); Sanjay Shukla (MD, NHB)
- Law
- Prevention of Money Laundering Act and Rules
- Focus
- AML/CFT risks and STR red flags in Housing Finance Companies
- Meetings
- Quarterly
Practice MCQs 2 questions
The Financial Intelligence Unit-India (FIU-IND) signed an MoU with which institution on 17 January 2025 to strengthen PMLA compliance in housing finance?
Show answer
Correct answer: C — National Housing Bank
PIB (Finance): FIU-IND and the National Housing Bank signed the MoU in New Delhi.
Under the FIU-IND–NHB MoU of January 2025, how often will the two parties meet to discuss AML/CFT typologies and trends?
Show answer
Correct answer: B — Quarterly
PIB: the MoU provides for a quarterly meeting to discuss typologies and trends in AML/CFT crimes and related matters.