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economictimes.indiatimes.com / 1 year ago
livemint.com / 1 year ago
FIU lab that parses currency declaration forms, transactions to spot laundering, terror financing
currency declaration forms furnished by individuals landing in India. The lab also examines complex banking and financial data of an entity to study possible money laundering and terrorist financing instances.
The 'strategic analysis lab' (SAL) was created by the federal financial intelligence agency in 2021 to prepare typologies for the «ever evolving» financial landscape, research and analyse data for improvement of intelligence generation and «effectively» counter economic crimes.
The 2023-24 report of the FIU said the SAL has its own «specialised' human resources having access to the latest analytical tools and technologies.
The report accessed by PTI said airports and land custom stations share the data of currency seizure and declarations made in the currency declaration form (CDF) with it.
The data consists of the name of the person, date (of arrival), passport number, currency and the amount declared at the time of filing CDF, it said.
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«The CDF data is analysed by FIU to identify most frequent individuals who have declared foreign currency on arrival,» the report said.
This data is also checked for matches of individuals in FIU database of suspicious transaction reports (STRs), cash transaction reports (CTRs), and cross-border wire transfer reports (CBWTRs), which is «further enhanced by open source information available on persons of interest.»
The analysis is then shared with the law enforcement agencies and other intelligence agencies for action, the report said.
The agency conducted
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How chronic illness became a starting point for artistic alchemy for Koshy Brahmatmaj
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21.05 / 10:17
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Even at $5 trillion, Nvidia is underappreciated
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21.05 / 10:17
markets
Digital
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RK Swamy bets on integrated advertising model as global agency giants split media and creative
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21.05 / 09:47
markets
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FPIs exit Korea & Taiwan: Is India ready for the flow rotation?
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