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Cross Border Wire Transfer Reporting via FINnet Gateway

Current · Source: Reserve Bank of India · RBI/2013-14/544 · issued 28 Mar 2014 · ~1 min read
Quick answerBanks must report cross border wire transfers over Rs. 5 lakh to FIU-IND by the 15th of the following month using the existing TRF format on the FINnet gateway, as per amended PML Rules.
The rule, in the simplest words
How it plays out — a real example

As a KYC & compliance officer in Indore, I ensure that all cross border wire transfers exceeding Rs. 5 lakh with an Indian origin or destination are captured and reported to FIU-IND by the 15th of the following month using the TRF format on the FINnet gateway. This helps prevent money laundering and ensures compliance with RBI regulations.

What changed

The RBI mandated that all cross border wire transfers exceeding Rs. 5 lakh (or equivalent in foreign currency) with origin or destination in India must be reported to FIU-IND. The reporting must use the existing Transaction Based Reporting Format (TRF) on the FINnet gateway, replacing any previous ad-hoc methods.

What it means for you

Banks and financial institutions must now systematically track and report high-value cross border wire transfers to combat money laundering. This adds to existing reporting obligations for CTRs, STRs, and NTRs, requiring tighter coordination between compliance and operations teams to meet the monthly deadline.

What you must do

Who it affects

All Scheduled Commercial Banks (excluding RRBs), Local Area Banks, All India Financial Institutions, Principal Officers of reporting entities

❓ Common questions

What is the threshold for reporting cross border wire transfers?

The threshold is Rs. 5 lakh or its equivalent in foreign currency, where either the origin or destination of the funds is in India.

By when must the report be submitted to FIU-IND?

The report must be furnished to the Director, FIU-IND by the 15th of the month succeeding the transaction month.

Which format should be used for reporting these wire transfers?

The existing Transaction Based Reporting Format (TRF), already used for CTRs, STRs, and NTRs, should be used for cross border wire transfers.

📜 Read the original circular — full text as issued by RBI
RBI/2013-14/544 DBOD. AML. No. 16415/14.01.001/2013-14 March 28, 2014 The Chairpersons/CEOs of all Scheduled Commercial Banks (Excluding RRBs)/ Local Area Banks / All India Financial Institutions Madam/Dear Sir, Reporting of Cross Border Wire Transfer Report on FINnet Gateway Please refer to our circular DBOD.AML.BC. No. 49/14.01.001/2012-13 dated October 11, 2012 on ‘Uploading of Reports on FINnet Gateway’ wherein banks and financial institutions were advised to upload reports as required by FIU-IND using only FINnet gateway. 2. With the amendments to Prevention of Money Laundering (PML) Rules, notified by the Government of India vide Notification No. 12 of 2013 dated August 27, 2013 and in terms of amended Rule 3, every reporting entity is required to maintain the record of all transactions including the record of all cross border wire transfers of more than Rs. 5 lakh or its equivalent in foreign currency, where either the origin or destination of the fund is in India. FIU-IND has advised that the information of all such transactions may be furnished to Director, FIU-IND by 15th of the succeeding month. 3. In this regard, it is advised that the ‘Transaction Based Reporting Format’ (TRF) already developed by FIU-IND and being used for reporting Cash Transaction Reports (CTRs), Suspicious Transaction Reports (STRs) and Non-Profit Organizations Transaction Reports (NTRs) may be used for reporting the Cross Border Wire Transfers. The information may be furnished electronically in the FIN-Net module developed by FIU-IND. All banks and financial institutions are accordingly advised to take action as required by FIU-IND and ensure that reports are submitted in time as per the schedule. 4. The format along with sample data filled in as an illustration is available in the ‘Downloads’ section of the FIU-IND website ( http://fiuindia.gov.in ). 5. Please advise your Principal Officer to acknowledge receipt of this circular. Yours faithfully, ( Prakash Chandra Sahoo ) Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2013-14/544 · issued 28 Mar 2014. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
💻 IT / Systems
  • Configure your systems to capture all cross border wire transfers over Rs. 5 lakh with Indian origin or destination.
📜 Compliance
  • Ensure your Principal Officer acknowledges receipt of this circular.
  • Submit the transaction data in the TRF format via the FINnet gateway by the 15th of each succeeding month.
  • Train relevant staff on the updated reporting requirements and deadlines.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template

Example: if you are a Compliance officer at a bank this circular applies to (All Scheduled Commercial Banks (excluding RRBs), Local Area Banks, All India Financial Institutions, Principal Officers of reporting entities), your first concrete step on “Cross Border Wire Transfer Reporting via FINnet Gateway” is: “Ensure your Principal Officer acknowledges receipt of this circular.” (RBI issued this 28 Mar 2014).

  1. Circular: RBI/2013-14/544 -- Cross Border Wire Transfer Reporting via FINnet Gateway
  2. Issued: 28 Mar 2014
  3. Action required: Ensure your Principal Officer acknowledges receipt of this circular.
  4. Action required: Configure your systems to capture all cross border wire transfers over Rs. 5 lakh with Indian origin or destination.
  5. Action required: Submit the transaction data in the TRF format via the FINnet gateway by the 15th of each succeeding month.
  6. Action required: Train relevant staff on the updated reporting requirements and deadlines.
  7. Owner: ____________ Target date: ____________
  8. Board/committee approval needed? Y / N
  9. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

💬 Banker Discussion

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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8811&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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