NABARD and FIU-IND signed a Memorandum of Understanding (MoU) on 03 September 2024 at FIU-IND Head Office, New Delhi, as part of continued coordinated efforts in effective implementation of requirements of the Prevention of Money Laundering Act and rules framed thereunder. The MoU was signed by Shri Vivek Aggarwal, Director, FIU-IND & Additional Secretary, Department of Revenue, GoI and Shri Shaji K V, Chairman, NABARD. Smt. Srujani Mohanty, Additional Director,FIU-IND, Shri Sudhir Kumar Roy, CGM, DoS and Shri Vaseeharan S S, GM-OIC, New Delhi RO were also present on the occasion.

According to the MoU, NABARD and FIU-IND will cooperate with each other in areas
of mutual interest including the following:

i. Appointment of a nodal officer and an alternate nodal officer by each party to the MoU.
ii. Sharing of relevant intelligence and information, available in their respective databases.
iii. Laying down procedure and manner in which the regulated entities/reporting entities report to FIU-IND under the PML Rules.
iv. Conducting outreach and training for regulated entities /reporting entities.
v. Upgradation of AML/CFT skills in the regulated entities / reporting entities regulated by NABARD.
vi. Assessment of Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT) risks and Vulnerabilities in RRBs, StCBs and DCCBs.
vii. Identification of red flag indicators for Suspicious Transaction Reports (STRs) in RRBs, StCBs and DCCBs.
viii. Supervising and monitoring the compliance of regulated entities / reporting entities with their obligations under PMLA, PML Rules and NABARD Guidelines.
ix. Compliance with each other's obligations under the relevant international standards.
x. Conduct of quarterly meeting to discuss the above in addition to typologies/trends in AML/CFT crimes, cases where sanctions have been imposed etc.