Cryptocurrency: FIU implements new AML and KYC
GLOBAL: India's Financial Intelligence Unit (FIU) has implemented new Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols for cryptocurrency exchanges to combat illegal activities in the digital asset market. As of January 8, exchanges are classified as Virtual Digital Asset service providers and must require users to submit a "live selfie" for identity verification, along with geographical tracking of account creation.
Users must process a nominal transaction and provide identification documents including a Permanent Account Number and a secondary ID to ensure account authenticity. The FIU mandates the registration of exchanges, which must report suspicious transactions and perform regular client due diligence, especially for high-risk clients.
They discourage Initial Coin Offerings (ICOs) and Initial Token Offerings (ITOs) due to their associated risks. Exchanges must also retain transaction records for a minimum of five years.
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Users must process a nominal transaction and provide identification documents including a Permanent Account Number and a secondary ID to ensure account authenticity. The FIU mandates the registration of exchanges, which must report suspicious transactions and perform regular client due diligence, especially for high-risk clients.
They discourage Initial Coin Offerings (ICOs) and Initial Token Offerings (ITOs) due to their associated risks. Exchanges must also retain transaction records for a minimum of five years.
https://indigenousherald.com/