FIU India - Cross Border Wire Transfer Report
Financial Intelligence Unit - India Reporting
Financial Intelligence Unit – India (FIU-IND) is the central, national agency responsible for receiving, processing, analyzing and disseminating information relating to suspect financial transactions to enforcement agencies and foreign FIUs.
FIU-India Cross Border Wire Transfer Report
The Prevention of Money laundering Act, 2002 and the Rules there under requires every reporting entity (banking company, financial institution and intermediaries) to furnish reports for Cross Border Wire Transfers.
Few Prerequisites:
Maintain a record of all transactions in such a manner as to enable it to reconstruct individual transactions, to furnish to the FIU Director
Attempted and executed transactions
The nature and value of prescribed transaction
Verify the identity of its clients
Identify the beneficial owner along with detailed proofs
Maintain record of documents evidencing identity of its clients and beneficial owners
Account files and business correspondence relating to its clients
Records with audit to be maintained for a minimum period of 5 years from date of transaction
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The Bank implemented Kyzer Trade Finance Regulatory Management Solution for Reporting to RBI and FIU-India. We benefitted a lot from the Kyzer’s banking domain expertise. We acknowledge their efforts throughout the project implementation and the excellent support provided.
The Bank implemented Kyzer TradeZone Solution across all its branches Pan India. Complete Trade Finance Processing, Document Management, Compliance, Integrations and Customer Real Time Communications. The bank is successfully processing thousands of Trade Transactions via the Centralized trade operations with online trade finance processing at a central hub.
Kyzer FIU India CBWT Reporting Solution
Kyzer’s Digital FIU CBWTR Reporting offers Most Intuitive, Modern, User-Friendly solution to Generate and Report Cross Border Transactions.
Web Based Portal accessible across the bank departments
Request and Response between browser and Server is Encrypted.
Portal Flexible and Customisable with Pull and Push API Features
Built-in XSD Validations as per FIU Requirements
Designed with complete Built-in XSD Validations as per FIU.
Pre Data Validations resulting into no error at XML generation stage
Automated Calculation of Transaction Risk Rating based on bank parameters
Risk Rating incorporated post multiple data combination handling
Customizable as per banks policy at Transaction level
Reporting of Vostro Account Transactions
Real-time status of Matched / UmMatched Messages
Maintenance of Historical Messages
BIC & Master Data Mainteance
Data Fetch from Masters like BIC Master, Branch Master, Purpose Code, etc.
BIC and IFSC Related Built-in Validations
SWIFT Fx Data Reconciliation & Management
Swift-Fx has internal algorithm to match Incoming Swift Messages with Statement Messages
Data extraction capability
Integrated platform with data extraction capability across multiple systems to conduct seamless analytical activity and regulatory compliance reporting
Maker Checker Approach
Maker Checker Approach with configuration of disabling Maker & Checker available with business admin
Secure interfaces
Designed secure interfaces between the source and target with a strong reconciliation and data quality check framework. Faster processing made possible with performance tuning
Special Search & Filter options
Special Search & Filter options across the portal for Record processing and STR filed reports
Why Banks Choose Kyzer for CBWTR Reporting
Direct Data Fetch from Swift Raw Files
Bank defined & Raw SWIFT file format handling. Intelligence data extraction for Reporting.
Business Rules to incorporate SWIFT and Transaction data match
Transaction Level Risk Rating as per FIU requirements
Risk Rating incorporated post multiple data combination handling
Customizable as per Banks Risk Policy at Transaction level.
Direct XML File Generation
Pre validation prior to XML file generation
FIU guidelines & changes continuous enhancements
XML File split as per FIU file size requirements
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- Get started with your free demo and discusssion and see how you can automate and audit all of your regulatory reportings to government bodies in one regulatory suite platform.
- Create and track all past reconcilied data and reports presentations under regulatory all in one Place.
- Web based portal funtioning within the banks intranet allowing you to complete data access for reports and audits instantly.
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