The Financial Intelligence Unit of India (FIU-IND) has issued notices to 25 offshore virtual digital asset (VDA) service providers for alleged non-compliance with India’s anti-money laundering law, the finance ministry said in a statement on Wednesday.

The notices were issued under Section 13 of the Prevention of Money Laundering Act (PMLA), which empowers authorities to initiate enquiries, seek audits of records, verify client identities, and demand reports on suspicious transactions. Entities found in violation face penalties of up to ₹ 1 lakh per breach.

FIU-India, set up in 2004, is the central agency responsible for processing, analyzing, and disseminating information related to suspicious financial transactions . Also Read | Why two laws clash on bankrupt builders and how

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