Public and private sector collaboration vital to curb financial crime, says FIU-IND Director Amit Mohan Govil

Speaking at ARIFAC’s FinSight conference, Shri Amit Mohan Govil urged banks to work together on anti money laundering measures, governance and intelligence sharing to counter financial crime.

Closer collaboration between the public and private sectors is essential to combat money laundering and terrorist financing, Shri Amit Mohan Govil, Director, Financial Intelligence Unit – India (FIU-IND), said while inaugurating FinSight, a leadership conference organised by the Alliance of Reporting Entities in India for AML/CFT (ARIFAC).
Addressing Designated Directors and Principal Officers from the banking sector, Shri Govil said both Public Private Partnerships and Private Private Partnerships are necessary to improve Anti Money Laundering and Countering the Financing of Terrorism (AML/CFT) efforts.

In his keynote address on the role of Public Private Partnerships in AML/CFT, he said Reporting Entities should invest in the continuous training of Designated Directors, Principal Officers and AML/CFT professionals to improve institutional preparedness and the quality of financial intelligence.
The conference brought together senior representatives from FIU-IND and the banking industry to discuss governance, regulatory responsibilities and coordinated action against financial crime.
Shri Govil also called on Reporting Entities to actively participate in ARIFAC, describing it as a rare example of institutions working together to exchange knowledge, develop common practices and improve India’s response to financial crime.

Shri Robin Rawal, Additional Director, FIU-IND, spoke about the legal and organisational changes required to address risks arising from rapid advances in technology. He said regulations and institutions must keep pace with the changing nature of financial crime.
The conference included leadership sessions, panel discussions and technology presentations on mule accounts, organised financial crime, the responsibilities of Designated Directors, emerging risks, payments risk management and cooperation between financial institutions.
Mr. Ravi Ranjan, Managing Director, State Bank of India, spoke on tackling mule accounts and organised financial crime networks. He highlighted the role of governance, technology, cooperation between institutions and timely intervention in preventing financial crime.
Senior leaders from public sector banks, private sector banks, foreign banks and small finance banks attended the conference, reflecting the banking industry’s shared focus on improving anti money laundering practices through cooperation, technology and skilled professionals.

At Prittle Prattle News, featuring you virtuously, we celebrate the commitment and innovation. Led by Editor-in-Chief Smruti Bhalerao, our platform is dedicated to sharing impactful stories that inspire change and create awareness. Follow us on LinkedIn, Instagram, and YouTube for more stories that matter.