India is pitching for greater disclosures by fintech firms, credit card companies and payment aggregators (PAs) at the Financial Action Task Force whereby the sender and recipient in a cross-border financial transaction can be identified and shared with law enforcement agencies as and when sought.
Currently, the Travel Rules of Financial Action Task Force (FATF) under which data relating to name of sender and recipient and the country of origin is recorded in any cross-border financial transactions.
The policy development group (PDG) of the FATF is now deliberating on whether the required information is clearly available to law enforcement agencies or does the information gets masked in any form. Masking of information leads to delay in information sharing by financial institutions involved in cross-border transactions with law enforcement agencies.
"The debate is whether the standards need to be tweaked further so that information can be clearly provided in case of cross-border wir
