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.
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