Financial Intelligence Unit- India (FIU-IND) issues notices for non-compliance to 15 Virtual Digital Assets Service providers (VDA SPs) under Section 13 of the Prevention of Money Laundering Act (PML) Act, 2002

The Financial Intelligence Unit-India (FIU-IND) has issued non-compliance notices under Section 13 of the Prevention of Money Laundering Act (PMLA), 2002, to 15 Virtual Digital Assets Service Providers (VDA SPs). Furthermore, the Director of FIU-IND has issued notices to take down applications and URLs for public access for operating illegally without complying with PMLA provisions in India. VDA SPs were brought under the Anti Money Laundering/Counter Financing of Terrorism (AML/CFT) framework in March 2023, requiring both offshore and onshore entities engaged in virtual digital asset services to register with FIU-IND and fulfill reporting and record-keeping obligations.