BuyUcoin digital exchange registers with FIU-India
17 November 2023 India
Image: immimagery/stock.adobe.com
Indian digital asset exchange BuyUcoin has been registered as a reporting entity with the Financial Intelligence Unit — India (FIU-IND) under the government’s latest anti-money laundering (AML) laws (PMLA).
Through its completion of the registration process, BuyUcoin demonstrates dedication to transparency and integrity and commits to combating money laundering and the illicit use of virtual digital assets.
The company has also internally implemented an AML/counter-terrorisim financing programme, including customer identification and verification measures, ongoing transaction monitoring and a strong system for the reporting of suspicious transactions to the FIU-IND.
FIU-IND retrieves, processes, analyses and disseminatesion of information around suspect financial transactions for national enforcement agencies and foreign FUIs. Registration with the central agency is required for certain types of financial institutions.
PMLA guidelines include the reporting of suspicious transactions, the record keeping of transactions and know-your-customer records, and collaboration with government agencies on AML procedures and protocols. As of March 2023, all digital asset service providers in the country, including exchanges, must comply with these requirements.
Shivam Thakral, BuyUcoin CEO, says: "Our registration with the FIU is a testament to our commitment to operating with the highest ethical standards and protecting our customers and the financial system from the risks of money laundering. We are committed to working with the FIU and other regulatory bodies to combat money laundering and terrorism financing.
“I strongly believe that India will lead the world in business-friendly policies around digital assets and such initiatives will enable us to create an environment of transparency and trust within the digital asset ecosystem. Our aim is to educate our users about the latest compliance and empower them to leverage the true potential of the Web3 ecosystem.”
Through its completion of the registration process, BuyUcoin demonstrates dedication to transparency and integrity and commits to combating money laundering and the illicit use of virtual digital assets.
The company has also internally implemented an AML/counter-terrorisim financing programme, including customer identification and verification measures, ongoing transaction monitoring and a strong system for the reporting of suspicious transactions to the FIU-IND.
FIU-IND retrieves, processes, analyses and disseminatesion of information around suspect financial transactions for national enforcement agencies and foreign FUIs. Registration with the central agency is required for certain types of financial institutions.
PMLA guidelines include the reporting of suspicious transactions, the record keeping of transactions and know-your-customer records, and collaboration with government agencies on AML procedures and protocols. As of March 2023, all digital asset service providers in the country, including exchanges, must comply with these requirements.
Shivam Thakral, BuyUcoin CEO, says: "Our registration with the FIU is a testament to our commitment to operating with the highest ethical standards and protecting our customers and the financial system from the risks of money laundering. We are committed to working with the FIU and other regulatory bodies to combat money laundering and terrorism financing.
“I strongly believe that India will lead the world in business-friendly policies around digital assets and such initiatives will enable us to create an environment of transparency and trust within the digital asset ecosystem. Our aim is to educate our users about the latest compliance and empower them to leverage the true potential of the Web3 ecosystem.”
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