Reporting entities under the Prevention of Money Laundering Act, 2002, such as banks, NBFCs, intermediaries, payment system operators, and virtual digital asset service providers, must register with the Financial Intelligence Unit-India (FIU-IND) on its FINnet portal, appoint a principal officer and designated director, and file reports such as cash transaction and suspicious transaction reports.
Who must register
- Banks, NBFCs and payment operators
- Securities intermediaries
- VDA service providers
- Certain professionals in specified activities
Process
- Register on FINnet.
- Appoint principal officer and designated director.
- Submit entity details.
- Begin reporting.
Obligations
- KYC and record keeping
- Timely reports
- AML policies and training
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Get expert help →Penalties
FIU-IND can impose penalties and restrict non-compliant entities, including blocking offshore VDA platforms.
Frequently asked questions
Do crypto exchanges need FIU registration?
Yes, VDA service providers serving Indian users must register.
What is an STR?
A suspicious transaction report filed when activity appears suspicious.
Is there a registration fee?
No fee typically for registration.
Are foreign VDA providers covered?
Yes, if serving Indian customers.
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