Bharat Web3 Association Hosts Workshop with FIU-IND to Strengthen Crypto Compliance

The Bharat Web3 Association (BWA) recently hosted a closed-door workshop with the Financial Intelligence Unit-India (FIU-IND) to discuss updated Anti-Money Laundering and Countering the Financing of Terrorism guidelines for Virtual Digital Asset Service Providers.

The event, which took place in New Delhi, brought together officials from FIU-IND and representatives of crypto exchanges and virtual digital assets service providers registered as reporting entities under the Prevention of Money Laundering Act (PMLA).

FIU-IND Director Amit Mohan Govil emphasized the importance of effective implementation of AML/CFT obligations by entities operating in the virtual digital asset space, highlighting the role of robust compliance frameworks in safeguarding the integrity of India's financial system.

The workshop covered several key aspects of AML/CFT compliance, including transaction monitoring and suspicious transaction reporting, enterprise-wide risk management frameworks, governance and oversight responsibilities of designated directors and principal officers, and institutional approaches to AML/CFT training and compliance culture.