Selfie with liveness detection, recording of geographical coordinates, and verification of bank account by the ‘penny-drop’ method are among the mandatory new measures listed by India’s financial intelligence agency under the anti-money laundering and terrorist financing KYC protocols for cryptocurrency exchanges while onboarding users.
The directives also discourage Initial Coin Offerings (ICOs) and Initial Token Offerings (ITOs), equivalent to IPOs in stock markets, by the exchanges. They say that tumblers, mixers, and anonymity-enhancing tokens-linked transactions shall “not” be facilitated.
PTI has reviewed the updated set of guidelines brought out by the Financial Intelligence Unit (FIU), a body that functions under the Union…
