What changed
FIU-IND has set October 20, 2012 as the go-live date for the FINnet gateway, replacing the earlier test mode. After this date, reports submitted on CD will no longer be accepted as valid. Banks must now use only the FINnet gateway for uploading reports in the new XML format.
What it means for you
Banks and AIFIs must complete the transition from CD-based to online XML reporting by October 20, 2012. Non-compliance will result in reports being treated as invalid by FIU-IND, potentially leading to regulatory scrutiny. This move streamlines reporting but requires immediate IT and operational adjustments.
What you must do
- Ensure your FINnet gateway access is active and tested before October 20, 2012.
- Train your reporting team on the new XML format and submission process.
- Stop preparing CD-based reports after October 20; switch entirely to online uploads.
- Coordinate with your Principal Officer to acknowledge receipt of this circular.
- Contact FIU-IND help desk at 011-24109792/93 for any technical issues.
Who it affects
All Scheduled Commercial Banks (excluding RRBs), Local Area Banks, All India Financial Institutions (AIFIs), Principal Officers responsible for AML/CFT reporting
What happens if we submit a CD report after October 20, 2012?
FIU-IND will not treat it as a valid submission. Only reports uploaded via the FINnet gateway in XML format will be accepted.
Is there a help desk for FINnet gateway issues?
Yes, contact FIU-IND help desk at 011-24109792/93 or via email for any clarifications or assistance.
Do we need to acknowledge this circular?
Yes, your Principal Officer must acknowledge receipt of this circular to confirm compliance.