What changed
The previous multiple data file reporting format for cash and suspicious transactions under PML Rules is replaced by a single XML file format. FIU-IND has released a comprehensive Reporting Format Guide, XML schemas, and user guides on its website. The exact transition date will be communicated separately.
What it means for you
NBFCs must urgently upgrade their systems to generate XML-compliant reports as per the new specifications. This streamlines reporting but requires technical readiness. Non-compliance may attract regulatory scrutiny.
What you must do
- Download the Reporting Format Guide, XML schemas, and user guides from FIU-IND website.
- Build or upgrade internal capacity to generate reports in the new single XML format.
- Monitor RBI/FIU-IND communication for the exact transition date from old to new format.
- Confirm compliance to your respective Regional Office of DNBS.
Who it affects
All Non-Banking Financial Companies (NBFCs), Residuary Non-Banking Companies (RNBCs)
What is the key change in reporting format?
The earlier multiple data file format is replaced by a single XML file format for reporting cash and suspicious transactions to FIU-IND.
When must NBFCs start using the new XML format?
The exact transition date will be communicated separately by RBI. NBFCs should prepare urgently to be ready.
Where can we find the new reporting specifications?
The Reporting Format Guide, XML schemas, and user guides are available in the 'Download' section of the FIU-IND website (http://fiuindia.gov.in).