What changed
RBI extended cross-border wire transfer reporting requirements to RRBs and StCBs/CCBs under amended PML Rules. Banks must now submit these reports via the FINnet gateway using the existing Transaction Reporting Format (TRF) by the 15th of the succeeding month.
What it means for you
Banks must integrate cross-border wire transfer data into their existing FIU-IND reporting workflow. This adds a new reporting obligation without a separate format, leveraging the TRF already used for CTRs, STRs, and NTRs. Timely compliance is critical to avoid regulatory scrutiny.
What you must do
- Identify all cross-border wire transfers exceeding Rs. 5 lakh where origin or destination is India.
- Use the existing Transaction Reporting Format (TRF) from FIU-IND's website to report these transactions.
- Submit reports electronically via the FINnet gateway by the 15th of the month following the transaction.
- Acknowledge receipt of this circular to your respective RBI Regional Office.
Who it affects
Regional Rural Banks (RRBs), State/Central Cooperative Banks (StCBs/CCBs), Compliance Officers / Principal Officers of these banks
What is the threshold for reporting cross-border wire transfers?
All cross-border wire transfers of more than Rs. 5 lakh or equivalent in foreign currency, where either the origin or destination is in India, must be reported.
Which format should be used for reporting these transactions?
The existing Transaction Reporting Format (TRF) already used for Cash Transaction Reports (CTRs), Suspicious Transaction Reports (STRs), and Non-Profit Organization Transaction Reports (NTRs) should be used.
What is the deadline for submitting these reports?
Reports must be furnished to the Director, FIU-IND by the 15th of the month following the transaction.