Recently, the Financial Intelligence Unit of India (FIU-IND) has issued a clarification around the registration process of the Virtual Digital Asset Service Providers (VASPs) as Reporting Entity with FIU-IND.
FIU-IND provides that VASPs are required to comply with the Prevention of Money Laundering Act, 2002 (PMLA), rules issued thereunder, and the guidelines specifically issued around the AML obligations of VASPs. As part of AML compliance, VASPs are required to register with FIU-IND as Reporting Entity. As part of AML registration, FIU-IND mentions that the Principal Officer and Designated Director would be called for an in-person meeting with FIU-IND to understand their business activities and the corporate structure of the company better. Further, the VASPs would also be asked to furnish certain details and documents such as GST Returns, Income Tax Returns, etc.
