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DFS and I4C Host Workshop to Enhance Collaboration Between Fintechs and Law Enforcement Agencies

Half-Day Workshop in New Delhi Focuses on Innovation, Compliance, and Cybersecurity Measures

New Delhi: The Department of Financial Services (DFS), under the Ministry of Finance, and the Indian Cyber Crime Coordination Centre (I4C), under the Ministry of Home Affairs, jointly organized a dynamic half-day workshop today in New Delhi. The workshop brought together representatives from Law Enforcement Agencies (LEAs), startups, and fintech ecosystem partners, marking a significant step towards fostering collaboration and addressing key challenges in the financial technology sector.

Continuing the momentum from the previous interaction with Union Finance Minister Smt. Nirmala Sitharaman on February 26, 2024, the interactive session aimed to strengthen ties between fintech innovators and LEAs. Central to the discussions were initiatives to promote innovation while ensuring strict adherence to regulatory frameworks, with a specific focus on tackling cybersecurity threats and digital financial frauds.

Dr. Vivek Joshi, Secretary of DFS, commended the substantial contributions of startups and fintech companies to India’s economic growth. He stressed the importance of forging robust partnerships between the government, regulators, public, and private sectors to unlock the full potential of the fintech sector in India. Dr. Joshi highlighted the technology-driven nature of fintech firms and emphasized the need for regulatory and law enforcement agencies to actively engage with these entities as they scale their operations.

During the workshop, representatives from fintech associations presented operational modalities and key challenges faced by their member companies. LEAs shared best practices in combating cybercrime and financial frauds, offering valuable insights into effective strategies for law enforcement.

The Indian Cyber Crime Coordination Centre (I4C) shed light on various emerging threats such as Mule Accounts, ATM hotspots, and Fintech Merchant abuse through its Citizen Financial Cyber Frauds Reporting and Management System (CFCFRMS). Participants emphasized the importance of developing indigenous transaction monitoring and Anti-Money Laundering (AML) systems tailored to the Indian fraud and crime landscape.

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