Financial Intelligence Unit-India (FIU-IND) has issued notice to 15 Virtual Digital Assets Service providers for non-compliance with anti-money laundering law and asked the entities to take down their application/URLs for public access.
Virtual Digital Assets Service Providers (VDA SPs) operating in India, whether offshore or onshore, and engaged in activities like exchange of virtual digital assets and fiat currencies, and transfer of virtual digital assets, are required to be registered with FIU-IND as reporting entity and comply with Prevention of Money Laundering Act (PMLA).
These obligations are activity-based and are not contingent on physical presence of the entity in India.
The finance ministry said as part of compliance action against non-compliant entities, FIU-IND has issued notices to 15 VDA SPs for non-compliance under Section 13 of the PMLA.
These entities include Weex International Exchange, BLF Global, Bitunix LLC, DigiFinex Ltd and FinSeven CZ.
“The Director, FIU-
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