What changed
FIU-IND set October 20, 2012 as the 'go-live' date for mandatory FINnet Gateway reporting. After this date, CD-format reports will no longer be accepted as valid submissions. This replaces the earlier test-mode phase that began August 31, 2012.
What it means for you
Banks and authorized persons acting as Indian agents under MTSS must fully transition to the FINnet Gateway for all report submissions. Continuing to use CDs after the deadline risks non-compliance with FIU-IND and PMLA requirements. This streamlines reporting but demands system readiness and adherence to the new XML format.
What you must do
- Ensure your systems are configured to generate and upload reports in the new XML format via FINnet Gateway.
- Stop submitting reports in CD format after October 20, 2012.
- Contact FIU-IND help desk at 011-24109792/93 for any technical or procedural clarifications.
- Verify all reports are submitted on time as per the schedule to avoid regulatory issues.
Who it affects
All Authorised Persons acting as Indian Agents under Money Transfer Service Scheme (MTSS), Banks handling inward remittances under MTSS, Compliance and reporting teams dealing with FIU-IND submissions
What happens if we submit a CD report after October 20, 2012?
FIU-IND will not treat it as a valid submission. You must use only the FINnet Gateway with the new XML format from that date.
Who should we contact for help with FINnet Gateway reporting?
Contact the FIU-IND help desk at telephone numbers 011-24109792/93 or via email for any clarification or assistance.