The national legislation obliges financial institutions to maintain a record of all transactions for the last 10 years and verify the identity of all the clients.
While there’s nothing new in imposing anti-money laundering standards on crypto, it is only now that the Indian government has decided to notify all interested parties of the obligation to comply with the national AML law.a notification from the Ministry of Finance, subjecting a range of transactions with crypto to the Prevention of Money-Laundering Act 2002 — namely the exchange, transfers, safekeeping and administration of virtual assets.
This also ensures all crypto businesses must perform necessary KYC, transaction monitoring etc as part of their process.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Manhattan DA gun violence prevention fund keeps East Harlem hub clean - New York Amsterdam NewsOne man’s trash is another man’s gun violence prevention initiative. Uptown Grand Central recently collected its 1,000th garbage bag, a major milestone for the East Harlem nonprofit’s efforts to clean up outside the Metro-North Railroad station.
Read more »
Poison Prevention Month: Some toxins that are hiding in plain sightMarch is Poison Prevention Awareness Month and a poison is any substance that can cause harm or death, but not all poisons are obvious.
Read more »
Vitamin D a Viable Strategy for Dementia Prevention?New research suggests vitamin D supplementation may help ward off dementia, especially when initiated early, new research suggests.
Read more »
Investor Mark Mobius says he cannot get his money out of China | CNN BusinessMark Mobius has said he cannot take his money out of China due to the country's capital controls, cautioning investors to be 'very, very careful' about investing in an economy under a tight government grip.
Read more »
Jill On Money: Back to BuffettWarren Buffett released the annual Berkshire Hathaway shareholder letter and the 92 year old “Oracle of Omaha” has a number of notable comments about markets and investing. For over 58 years most o…
Read more »