What changed
FIU-IND has asked NBFCs to begin submitting reports under the Prevention of Money Laundering Rules on the FINnet Gateway in test mode from August 31, 2012. This is a step toward full electronic reporting, replacing the earlier CD-based system. NBFCs must keep sending existing CD reports until further notice.
What it means for you
NBFCs now have a dual reporting burden: they must test the new XML-based electronic upload on FINnet while maintaining legacy CD submissions. This tests their system readiness for the eventual mandatory electronic filing. Non-compliance could delay the transition and invite regulatory scrutiny.
What you must do
- Immediately start uploading PMLA reports in test mode on the FINnet Gateway as instructed by FIU-IND.
- Continue submitting existing reports on CD until FIU-IND officially announces the go-live date.
- Ensure your systems can generate reports compliant with the new XML format specified earlier.
- Monitor FIU-IND communications for the go-live announcement and transition to full electronic submission.
Who it affects
All Non-Banking Financial Companies (NBFCs), Residuary Non-Banking Companies (RNBCs)
What is the FINnet Gateway test mode?
It is a trial environment where NBFCs upload PMLA reports electronically using the new XML format to verify their system's ability to submit data to FIU-IND.
Do we stop sending CD reports now?
No. You must continue submitting existing reports on CD until FIU-IND announces the go-live of the FINnet project.
What happens if we don't test on FINnet?
Failure to test may delay your readiness for mandatory electronic filing, potentially leading to non-compliance with PMLA reporting obligations.