What changed
FIU-IND has asked all banks, including Primary Urban Co-operative Banks, to begin submitting reports in test mode on the FINnet Gateway from August 31, 2012. This is a step toward the eventual go-live of the single XML reporting format under Project FINnet for PMLA compliance. Existing CD-based reporting to FIU-IND must continue until further notice.
What it means for you
Urban co-operative banks must now test their systems for electronic report submission via the FINnet Gateway, which will eventually replace the current CD-based reporting. This is a preparatory phase, so banks need to ensure their IT infrastructure can handle XML uploads. Non-compliance could delay the transition and invite regulatory scrutiny.
What you must do
- Initiate submission of reports in test mode on the FINnet Gateway from August 31, 2012, as advised by FIU-IND.
- Continue submitting existing reports in CD format to FIU-IND until the go-live is announced.
- Contact FIU Help Desk at 011-24109792/93 or email for any clarifications or assistance.
- Ensure the Compliance Officer/Principal Officer acknowledges receipt of this circular to the concerned Regional Office.
Who it affects
Primary (Urban) Co-operative Banks, Compliance Officers/Principal Officers of these banks, IT departments handling report submission
What is the FINnet Gateway test mode?
It is a testing phase where banks upload reports electronically to FIU-IND to verify their ability to use the new XML format, without replacing existing CD-based submissions yet.
Do we stop sending CDs to FIU-IND during test mode?
No, you must continue submitting existing reports in CD format until FIU-IND announces the go-live of the project.
Who should we contact for technical issues with the test mode?
Contact the FIU Help Desk at phone numbers 011-24109792/93 or via email for any clarifications or assistance.