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Muthoot Finance Selected for FATF Mutual Evaluation Report 2023-24

Muthoot Finance has been exclusively selected as the only Indian NBFC for the Financial Action Task Force’s (FATF) Mutual Evaluation report for 2023-24. This recognition highlights Muthoot Finance’s global trustworthiness and compliance with stringent financial regulations.

Recognition by FATF

Muthoot Finance, a prominent Non-Banking Financial Company (NBFC) in India, has been chosen by the FATF for its Mutual Evaluation report for 2023-24. This selection underscores the company’s commitment to fair trade practices, transparency, and regulatory compliance.

FATF’s Role and Evaluation

The FATF, established in 1989, is a global authority that develops policies to combat money laundering, terrorism financing, and other significant threats to the financial system. The FATF conducted a comprehensive assessment of various entities in India, including law enforcement agencies, industry bodies, banks, and NBFCs, evaluating their efforts in combating financial crimes.

Muthoot Finance’s Contribution

Muthoot Finance was the sole NBFC representing India’s NBFC segment during the FATF’s onsite evaluation in New Delhi in November 2023. The company’s delegation included Executive Director & COO Mr. K R Bijimon, Company Secretary Mr. Rajesh Warrier, General Manager Audit Mr. Kiran G, and Manager of the Executive Director’s Office Ms. Bindhu Joseph.

Statement from Muthoot Finance MD

Mr. George Alexander Muthoot, Managing Director of Muthoot Finance, expressed pride in the recognition, stating, “This selection from FATF is a significant achievement for us and is testimony to Muthoot Finance’s legacy as a trusted brand not just in India but globally. Our unwavering commitment to fair-trade practices, transparent operational processes, and compliance with regulations has enabled us to deliver high performance and daily service to more than 2.5 lakh customers nationwide. We always strive to set benchmarks in the Indian finance industry through proactive measures focused on strengthening money laundering and fraud detection to provide a safe and secure environment for our customers and play an instrumental role in delivering last-mile credit to all.”

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