Laundering

India’s Enforcement Directorate is investigating “several” crypto cases for money-laundering schemes and has seized $115.5 million to date in such crimes, the Ministry of Finance said, the latest in a series of crackdown by the authorities on the nascent space that is already reeling from the tremulous market conditions. The Indian crime fighting agency has also arrested five individuals in crimes abetted by cryptocurrency and in the past sent a show cause notice to local exchange WazirX and its…

Analytics Insight has listed the top 10 current cryptocurrency prices for march 10, 2023 According to the notification, money laundering laws will cover the exchange of virtual digital assets with fiat currencies, the transfer of digital assets, and the exchange of one or more forms of virtual digital assets. Analytics Insight has listed the top 10 current cryptocurrency prices as of March 10, 2023. Bitcoin- US$20,019.90 (down by 8.05%) Ethereum- US$1,421.73(down by 7.66%) Tether- US$0.9999 (down by 0.00%) USD Coin-…

India has tightened the definition of beneficial ownership under its anti-money laundering law while making mandatory maintenance of records of all financial transactions carried out by non-profit organisations.The finance ministry notified changes to rules related to maintenance of records under the Prevention of Money Laundering Act late Tuesday.As per the changes, the ownership threshold has been reduced to 10% from 25% earlier.This means that any individual or group having 10% ownership in the client of a 'reporting…

India mandates anti-money laundering rules for the crypto industry to tighten oversight of assets To tighten its control over digital assets, the government of India has established anti-money laundering regulations on cryptocurrencies and other virtual assets. The Finance Ministry said in a gazette notice that the anti-money laundering laws have been applied to cryptocurrency trading, storage, and associated financial activities. Following that, Indian cryptocurrency exchanges must notify the Financial Intelligence Unit…

India's money laundering laws will apply to trade in cryptocurrencies, the federal government said in a notification dated March 7. The exchange between virtual digital assets and fiat currencies, the exchange between one or more forms of virtual digital assets and the transfer of digital assets will be covered under money laundering laws, the notification said. The safekeeping or administration of virtual digital assets and the participation in financial services related to the offer and sale of virtual digital assets…

India's money laundering laws will apply to trade in cryptocurrencies, the federal government said in a notification dated March 7.The exchange between virtual digital assets and fiat currencies, the exchange between one or more forms of virtual digital assets and the transfer of digital assets will be covered under money laundering laws, the notification said.The safekeeping or administration of virtual digital assets and the participation in financial services related to the offer and sale of virtual digital assets will…

The government has blocked 232 apps operated by overseas entities, including Chinese for being involved in betting, gambling and unauthorised loan service, according to an official source. Ministry of Electronics and IT (MeitY) has issued orders to block these apps following instructions from Ministry of Home Affairs. "The order to block 138 apps that were involved in betting, gambling and money laundering were issued last evening. Separately, an order to block 94 apps engaged in unauthorised loan service has also been…

Image Source : FILE PHOTO Representational image Chinese apps banned: The government has blocked 232 apps operated by overseas entities, including Chinese for being involved in betting, gambling and unauthorised loan service, according to an official source. Ministry of Electronics and IT (MeitY) has issued orders to block these apps following instructions from…

U.S. authorities designated cryptocurrency exchange Bitzlato Ltd. as a primary money-laundering concern and charged its founder for allegedly facilitating money laundering for criminals. The Treasury Department designated Bitzlato under a section of the USA Patriot Act, a law used to combat money laundering and terrorist financing, for allegedly laundering illicit funds for ransomware actors based in Russia. This type of action, a rarely used so-called death-knell sanction that cuts off…

The Financial Conduct Authority (FCA), regulator of the financial services industry in the United Kingdom, imposed monetary penalties totalling £7.7 million on the UK unit of Guaranty Trust Bank (GTB) “for serious weaknesses in its anti-money laundering (AML) systems and controls between October 2014 and July 2019,” the watchdog said Tuesday in a statement. The sanction signals the second time the lender would face punitive action touching on AML controls, having incurred a fine of £525,000 in August 2013 “for…