The country's financial intelligence will now be on a comprehensive digital platform to help enforcement agencies gain real time access to critical information and faster analysis of suspicious transactions. Finance Ministry sources said the computerisation of the Financial Intelligence Unit, FIU-IND, which investigates and disseminates sensitive information between financial and law enforcement agencies for identification of suspicious money laundering, is already on. Sources said Financial Intelligence Network will be a major reform initiated by the Ministry.All the banks are already connected to us but the new network will enable electronic data entry and analysis on a real time basis of suspicious transactions. They said the new technology has been introduced because of the changing dynamics of financial crimes and the need for a faster scrutiny of all available inputs. The platform is being prepared by software giant Wipro and will be called FINnet.
News On AIR | June 1, 2010 6:46 PM
computerisation of FIU data to help real time analysis