What changed
RBI has mandated that UCBs report all cross border wire transfers of more than Rs 5 lakh (or equivalent in foreign currency) where the origin or destination is India. This requirement stems from amendments to the Prevention of Money Laundering Rules notified in August 2013. Banks must use the existing TRF format on the FIN-Net module, previously used for CTRs, STRs, and NTRs.
What it means for you
UCBs now have a clear compliance obligation to track and report high-value cross border wire transfers to FIU-IND. This expands the reporting scope beyond cash and suspicious transactions, increasing operational load on compliance teams. Late or missed submissions could invite regulatory scrutiny, so banks must integrate this into their monthly reporting cycle.
What you must do
- Configure your core banking system to flag all cross border wire transfers exceeding Rs 5 lakh (or forex equivalent).
- Use the existing Transaction Based Reporting Format available on the FIU-IND website for these reports.
- Submit the reports electronically via the FIN-Net module by the 15th of each succeeding month.
- Train compliance staff on the updated PML Rules and the TRF format for cross border wire transfers.
- Review and update your AML/CFT policy to include this new reporting requirement.
Who it affects
All Primary (Urban) Co-operative Banks, Compliance and AML teams at UCBs, FIU-IND reporting officers
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.
Which format should we use for this report?
Use the existing Transaction Based Reporting Format (TRF) already used for CTRs, STRs, and NTRs. The format and sample data are available in the Downloads section of the FIU-IND website.
What is the deadline for submitting these reports?
Reports must be submitted to the Director, FIU-IND by the 15th of the month following the transaction month.