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TOI: India Enforcement Directorate freezes bank deposits worth Rs 170 crore in connection with an alleged fraudulent forex trading and deposit scheme operated by QFX Trade Ltd

by Jyotsna Bucktowar | Feb 16, 2025

The ML investigation stems from multiple FIRs filed by the Himachal Pradesh Police, alleging that QFX Trade Ltd defrauded investors. The company is accused of running a fraudulent scheme deceiving people into investing their money. Authorities are probing the...

FATF Mutual Evaluation Report for India, acknowledges India’s AML progress in banking and ongoing non-financial sector weaknesses

by AdrianaAMLP | Sep 27, 2024

India has achieved a high-level of technical compliance across the FATF Recommendations and has taken significant steps to implement measures to tackle illicit finance…  

Business Times: The AML watchdog urges India to accelerate prosecutions

by Jyotsna Bucktowar | Sep 19, 2024

The task force establishes global standards for national authorities addressing illicit funds from drug trafficking, illegal arms trade, cyber fraud, and other serious crimes. India, a member since 2010 was found compliant or largely compliant on 37 out of 40...

Reuters: India’s FIU imposes $2.25 million penalty on crypto exchange Binance

by Jyotsna Bucktowar | Jul 1, 2024

Binance classified as a Virtual Digital Asset Service Provider is obligated to maintain transaction records and implement stringent AML measures. Despite this classification, the FIU’s investigation revealed Binance’s non-compliance with these requirements...

The Economic Times: KYC rules to change: Uniform KYC for all – opening bank account to buying insurance to investing in stocks, mutual funds

by Jyotsna Bucktowar | Mar 15, 2024

This new system aims to simplify the verification process for various financial transactions, such as opening bank accounts, buying insurance, and investing in stocks or mutual funds. Currently, customers are required to provide separate KYC documents for each...
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