FinMin puts out list of 9500 high-risk finance companies

Financial Intelligence Unit (FIU) has released a list of around 9500 Non-Banking Financial Companies (NBFCs), which have been categorised as high-risk financial institutions. 

The FIU under the Finance Ministry has released the list on its website showing the names of these NBFCs which have been found non-compliant to the Prevention of Money Laundering Act rules. 

As per the PMLA, all NBFCs have to appoint a principal officer in



the financial institutions and report all suspicious and cash transactions of over ten lakh rupees to the FIU. But, these companies have been found not following this rules as on 31st of January this year.

After the demonetisation of high-value currency notes in November 2016, NBFCs and several rural and urban cooperative banks had come under the scanner of the Income Tax Department and the ED for illegally converting banned currency notes.