<p class="title">The finance ministry on Thursday asked over 9,000 non-compliant NBFCs to register with FIU-IND to fulfil the requirements under Prevention of Money Laundering Act(PMLA).</p>.<p class="bodytext">PMLA imposes obligation on reporting entities (REs) including Non-Banking Financial Companies (NBFCs) to verify identity of clients, maintain records and furnish information to FIU-IND (Financial Intelligence Unit - India).</p>.<p class="bodytext">In a statement, the ministry said as unregistered NBFCs remain outside the reporting ambit of FIU, they pose a risk to the integrity of the country's financial system.</p>.<p class="bodytext">The FIU, in the finance ministry, has published a list of 9,236 'non-compliant NBFCs' which have not fulfilled their obligation under PMLA.</p>.<p class="bodytext">"All NBFCs which have failed to comply with any of the... requirements are now required to register their RE, Principal Officer (PO) and Designated Director with FIU-IND," the ministry said.</p>.<p class="bodytext">The list would be revised monthly. To facilitate the filing of prescribed reports under PMLA, FIU has developed a portal called FINnet Gateway.</p>.<p class="bodytext">The procedure for registration of RE and PO is available on the FIU-IND website. </p>
<p class="title">The finance ministry on Thursday asked over 9,000 non-compliant NBFCs to register with FIU-IND to fulfil the requirements under Prevention of Money Laundering Act(PMLA).</p>.<p class="bodytext">PMLA imposes obligation on reporting entities (REs) including Non-Banking Financial Companies (NBFCs) to verify identity of clients, maintain records and furnish information to FIU-IND (Financial Intelligence Unit - India).</p>.<p class="bodytext">In a statement, the ministry said as unregistered NBFCs remain outside the reporting ambit of FIU, they pose a risk to the integrity of the country's financial system.</p>.<p class="bodytext">The FIU, in the finance ministry, has published a list of 9,236 'non-compliant NBFCs' which have not fulfilled their obligation under PMLA.</p>.<p class="bodytext">"All NBFCs which have failed to comply with any of the... requirements are now required to register their RE, Principal Officer (PO) and Designated Director with FIU-IND," the ministry said.</p>.<p class="bodytext">The list would be revised monthly. To facilitate the filing of prescribed reports under PMLA, FIU has developed a portal called FINnet Gateway.</p>.<p class="bodytext">The procedure for registration of RE and PO is available on the FIU-IND website. </p>