India's financial sector has set up an industry-led platform to strengthen anti-money laundering (AML) and combating the financing of terrorism (CFT) frameworks, as regulators and market participants grapple with increasingly sophisticated financial crimes, cyber fraud and risks emerging from digital assets.
The newly launched Alliance of Reporting Entities in AML/CFT (ARIFAC) will serve as a common platform for banks, non-banking financial companies (NBFCs), payment firms, insurers, securities market intermediaries, virtual digital asset service providers and other entities covered under the Prevention of Money Laundering Act (PMLA).
