What changed
FIU-IND has asked banks to begin submitting reports under PML Rules, 2005 on the FINnet Gateway in test mode from August 31, 2012. This is a step toward a single XML reporting format, replacing the earlier CD-based system. Banks must continue existing CD submissions until further notice.
What it means for you
Banks need to test their electronic upload capability on FINnet Gateway without disrupting current reporting. This is a preparatory phase for a unified digital reporting system to FIU-IND. Non-compliance could delay the transition, so banks must ensure their systems are ready.
What you must do
- Initiate submission of AML reports on FINnet Gateway in test mode from August 31, 2012.
- Continue submitting existing reports on CD as per current requirements until FIU-IND announces go-live.
- Advise your Principal Officer to acknowledge receipt of this circular.
- Ensure your bank's capacity to implement the single XML format as per IBA and FIU-IND guidelines.
Who it affects
All Scheduled Commercial Banks (excluding RRBs), Local Area Banks, All India Financial Institutions
What is the FINnet Gateway test mode?
It is a trial phase where banks upload AML reports electronically to FIU-IND using a single XML format, starting August 31, 2012, to test system readiness before full go-live.
Do we stop CD submissions during test mode?
No, banks must continue submitting existing reports on CD as before until FIU-IND officially announces the go-live of the FINnet project.
Who needs to acknowledge this circular?
The Principal Officer of each bank or financial institution must acknowledge receipt of this circular to RBI.