What changed
FIU-IND has mandated that all banks, including RRBs and cooperative banks, start submitting reports under Rule 3 of PML Rules, 2005, in test mode on the FINnet Gateway from August 31, 2012. This is a preparatory step before the full go-live of the single XML reporting format. Existing CD-based submissions must continue in parallel until FIU-IND announces the go-live.
What it means for you
Banks must now test their electronic upload capability on FINnet Gateway while maintaining legacy CD reporting. This dual requirement increases operational load but is essential for transitioning to a unified digital reporting system. Non-compliance could lead to regulatory scrutiny, so banks should prioritize setting up the test upload process.
What you must do
- Initiate submission of AML reports in test mode on FINnet Gateway from August 31, 2012, as advised by FIU-IND.
- Continue submitting existing reports in CD format until FIU-IND announces the go-live of the project.
- Ensure your Compliance Officer/Principal Officer acknowledges receipt of this circular to the respective RBI Regional Office.
- Coordinate with your IT team to test the XML format and upload functionality on FINnet Gateway.
Who it affects
All Regional Rural Banks (RRBs), All State and Central Co-operative Banks, Compliance Officers and Principal Officers of these banks
What is the FINnet Gateway test mode?
It is a trial environment provided by FIU-IND for banks to test their ability to upload AML/CFT reports electronically in the new single XML format, before the system goes live.
Do we need to stop CD submissions now?
No, CD submissions must continue as before until FIU-IND officially announces the go-live of the FINnet project.
Who should acknowledge this circular?
The Compliance Officer or Principal Officer of the bank must send an acknowledgment to the concerned RBI Regional Office.