"The revised guidance requires registered crypto outfits (REs) to implement strict client due diligence measures, at least for new customers, that require them to collect details of customers' identity documents, bank account details, occupation, and even income range. The regulation also requires REs to collect "Latitude and longitude coordinates of the onboarding location with date and timestamp along with IP address" and to secure a selfie of new customers to prove they are alive and a real person."
"The document explains this regime is needed due to "the anonymous and instantaneous nature of [virtual digital asset] VDA transactions and the potential of services offered by REs being misused by illicit actors for the purpose of money laundering, terror financing and proliferation financing." Crypto players must report transactions when they have "reasonable grounds to believe that the transactions involve proceeds of crime or financing of terrorism." Those reports must provide as much information as possible about the parties to a transaction, and REs must file them as soon as they detect potentially dodgy dealings."
India's Financial Intelligence Unit (FIU-IND) requires all cryptocurrency service providers serving Indian residents, including those outside India, to register and disclose named officers, place of business, and significant ownership details. Registered entities must perform strict client due diligence for new customers, collecting identity documents, bank account details, occupation, income range, geolocation coordinates with timestamp and IP address, and a biometric selfie to verify liveness. Entities must periodically review their client base, implement continuous transaction monitoring across fiat and virtual asset flows, and promptly report suspicious transactions when there are reasonable grounds to suspect proceeds of crime or financing of terrorism.
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