Easy system to flag suspicious trades in offing

Our Bureau Mumbai | Updated on January 23, 2018 Published on August 27, 2015

The Financial Intelligence Unit-Ind (FIU-Ind) is doing a feasibility study for enabling brokers to use one registered identity to report suspicious transactions. Currently, brokers are required to register separately with the FIU network for every segment that they provide services for — that is one ID for equities, one for derivatives, one for PMS and one for DP with a separate email ID for communicating with the FIU.

If the new system is implemented, brokers will find it easier to reporting suspicious transactions. The FIU is likely to bring out an advisory based on the feasibility study in the next fortnight.

The FIU-Ind is the national agency responsible for receiving, processing, analysing and disseminating information relating to suspect financial transactions to enforcement agencies.

Published on August 27, 2015
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