Crimes related to cryptocurrencies amounted to ₹953.70 crore so far, union finance minister Nirmala Sitharaman told Parliament on Monday. “RBI has also advised its regulated entities to continue to carry out customer due diligence processes for transactions in VCs, in line with regulations governing standards for Know Your Customer (KYC), Anti-Money Laundering (AML), Combating of Financing of Terrorism (CFT), obligations under Prevention of Money Laundering Act (PMLA), 2002, etc.,” added Sitharaman.
“Enforcement Directorate is investigating several cases under the provisions of PMLA and foreign exchange management act, 1999 (FEMA) related to cryptocurrencies,” the finance minister added. Crime amounting to ₹953.70 crores, including the arrest of five persons and six prosecution complaints, have been filed to date before the special court under the Prevention of Money Laundering Act, 2002 (PMLA).
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