The Financial Intelligence Unit–India (FIU-IND) issues compliance notices to 15 Virtual Digital Asset (VDA) service providers for alleged non-compliance with India’s Prevention of Money Laundering Act (PMLA). The notices cover VDA businesses operating both offshore and onshore in India.
According to reporting, the FIU-IND action follows the PMLA requirements that apply to VDA service providers, including registration obligations and expectations around reporting and record-keeping as part of India’s anti-money laundering framework. One outlet also specifies that the notices include directions to remove applications or URLs that are operating in violation of PMLA provisions in India.
The outlets broadly align on the number of entities served with notices and the compliance basis under the PMLA. The main difference is emphasis: one account focuses on compliance with registration, reporting, and record-keeping requirements, while the other highlights the removal of illegally operating applications/URLs.
