India launches ARIFAC to fight money laundering and terrorism financing
India just rolled out ARIFAC, a new alliance bringing banks, NBFCs, payment system operators, securities market intermediaries, insurance companies, virtual digital asset service providers, and cooperative institutions onto one team to tackle money laundering and terrorism financing.
with its secretariat managed by the Payments Council of India and Fintech Convergence Council (with the Financial Intelligence Unit-India keeping an eye on things), ARIFAC's goal is to make financial crime a lot harder.
Alliance offers training and shared guidelines
ARIFAC is not just about meetings: it is building real tools.
Members will get access to training, workshops, and certification courses so everyone is up to date on spotting shady transactions.
The alliance will also create shared guidelines for things like monitoring transactions, flagging suspicious activity (including in digital assets), and sharing information across borders, helping India keep pace with global standards.