Key facts
- India's financial sector has launched a new platform named ARIFAC to bolster anti-money laundering and counter-terrorist financing efforts.
- ARIFAC is an industry-led initiative that includes banks, NBFCs, payment firms, insurers, and virtual digital asset service providers.
- The Financial Intelligence Unit-India (FIU-IND) will observe the platform's activities.
- The platform's secretariat will be jointly managed by the Payments Council of India (PCI) and the Fintech Convergence Council (FCC).
- Key focus areas for ARIFAC include training, sanctions screening, digital banking risks, and virtual digital assets.
India's financial sector has launched a new industry-led platform, the Alliance of Reporting Entities in AML/CFT (ARIFAC), to enhance its frameworks for combating money laundering and terror financing. This initiative brings together a wide range of financial entities, including banks, non-banking financial companies (NBFCs), payment firms, insurers, and virtual digital asset service providers, with the Financial Intelligence Unit-India (FIU-IND) participating as an observer.