Anti-money laundering norms up crypto compliance bar
The updated guidelines for combating money laundering and terrorist financing, notified by the Financial Intelligence Unit – India (FIU-IND), may enhance compliance requirements for cryptocurrency exchanges and raise entry barriers for new market participants, according to industry executives.
Under the updated framework for anti-money laundering (AML) and counter-terrorist financing (CTF), notified on January 8, virtual digital asset (VDA) service providers must undergo mandatory cyber security audits by professionals accredited by the Indian Computer Emergency Response Team (CERT-In).
FIU-IND has also made registration with the agency mandatory for entities offering VDA-related services to strengthen regulatory oversight of the…
