FIU-IND Sends Notices to 15 Crypto Service Providers for Anti-Money Laundering Non-Compliance
The Financial Intelligence Unit-India (FIU-IND) has sent notices to 15 crypto service providers for non-compliance with anti-money laundering laws. The entities, which include Weex International Exchange and DigiFinex Ltd, were asked to take down their application/URLs for public access.
The notice was issued under Section 13 of the Prevention of Money Laundering Act (PMLA), which requires Virtual Digital Assets Service Providers (VDA SPs) to register with FIU-IND and comply with anti-money laundering regulations. This includes activities like exchange of virtual digital assets and fiat currencies, and transfer of virtual digital assets.
The finance ministry reiterated that crypto products and NFTs are unregulated and can be highly risky, emphasizing the importance of investor awareness.