The Financial Intelligence Unit – India (FIU-IND) was established in November 2004 by the Government of India as an independent body under the Department of Revenue, Ministry of Finance. Its creation marked a significant step in India’s commitment to fight money laundering, terrorist financing, and economic crime on both domestic and international fronts.
FIU-IND was born in response to global standards set by the Financial Action Task Force (FATF), a global watchdog on money laundering and terror financing. India’s growing integration with the global economy meant it needed a centralized, specialized agency to monitor financial activities and ensure compliance with evolving anti-money laundering (AML) norms.
The core responsibilities of FIU-IND include:
• Collecting financial transaction data from Reporting Entities (banks, NBFCs, intermediaries, and now, jewellers)
• Analyzing and identifying patterns of suspicious or illegal activities
• Disseminating actionable intelligence to law enforcement and regulatory authorities
In 2021, India made a major regulatory shift by notifying jewellers as Reporting Entities under the PMLA, particularly those involved in cash transactions of ₹10 lakh and above. This brought a high-risk, high-value sector directly under FIU-IND’s supervision.
For jewellers, this means not just maintaining records—but becoming an active participant in safeguarding the financial system. Businesses must:
• Register on the FIU-IND portal
• File Suspicious Transaction Reports (STRs) and Cash Transaction Reports (CTRs)
• Ensure data integrity, confidentiality, and timely submission
Failure to comply can lead to severe consequences including fines, scrutiny, and business disruption. More importantly, non-compliance can damage a jeweller’s reputation in a trust-based industry.
By aligning with FIU-IND’s objectives, jewellers contribute to a safer, more transparent economy. PMLA compliance isn’t just a rule—it’s a responsibility, and FIU-IND is the backbone ensuring it’s upheld.