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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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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