India tightens AML guidance for crypto exchanges

By Raghavendra Verma, in New Delhi

Indian crypto exchanges have been directed to carry out enhanced measures as part of their customer due diligence (CDD) under guidance from the Financial Intelligence Unit-India (FIU-IND). The "AML & CFT Guidelines for Reporting Entities Providing Services Related to Virtual Digital Assets" also advises exchanges to file suspicious transaction reports (STR) when they cannot "undertake the required enhanced measures under CDD" and, moreover, to "terminate the relationship" with that customer. ¹