NEW DELHI, April 16: In a significant move to strengthen India’s framework against financial crimes, the Financial Intelligence Unit-India (FIU-IND) and the Pension Fund Regulatory and Development Authority (PFRDA) on Thursday signed a Memorandum of Understanding (MoU) to enhance cooperation, information sharing, and regulatory coordination.
The agreement was signed by Amit Mohan Govil, Director of FIU-IND, and Randip Singh Jagpal, Whole-Time Member of PFRDA, in the presence of Sivasubramanian Ramann.
Enhanced coordination and data sharing
Officials said the MoU aims to strengthen collaboration between the two agencies in tackling money laundering and terrorism financing by enabling structured information exchange and coordinated action.
As part of the agreement, both institutions will conduct joint outreach and training programmes for reporting entities regulated by PFRDA, with a focus on improving capabilities related to Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT).
The MoU also provides for quarterly meetings between the agencies to discuss emerging risks, share intelligence, and ensure alignment with international standards.
Strengthening surveillance and compliance
The partnership will focus on identifying and addressing risks related to money laundering and terror financing across financial sub-sectors. It will also involve developing and sharing “red flag” indicators to detect suspicious transactions more effectively.
Additionally, the two agencies will work together to strengthen monitoring and compliance under the Prevention of Money Laundering Act and related rules, as well as PFRDA’s regulatory guidelines.
Each organisation will appoint nodal officers to facilitate regular communication and coordination. The MoU also enables information exchange with foreign financial intelligence units under international frameworks such as the Egmont Principles.
Role of FIU-IND and PFRDA
FIU-IND serves as India’s central agency for receiving, analysing, and disseminating information related to suspicious financial transactions, playing a key role in combating money laundering and terror financing.
PFRDA, established under the PFRDA Act, 2013, regulates and supervises India’s pension sector, including flagship schemes like the National Pension System and Atal Pension Yojana, ensuring orderly growth and protection of subscriber interests.
Officials said the collaboration marks a step forward in strengthening institutional mechanisms to safeguard the financial system and enhance regulatory oversight in India’s growing pension ecosystem.
Bookmarked this for later. Great write-up. this resource
This is exactly what I was looking for, thanks! interesting find
Practical and to the point. Thanks! worth a look