BuyUcoin, a digital asset exchange, has announced that it has become Financial Intelligence Unit – India (FIU-IND) registered reporting entity under the latest anti-money laundering laws (PMLA) implemented by the Government of India.
According to an official release, in addition to registering with the FIU, BuyUcoin has implemented a AML/CFT which includes customer identification and verification (CIP) program to verify the identity of its customers, ongoing monitoring of customer transactions for suspicious activity and a reporting system for suspicious transactions to the FIU.
“I believe our registration with the FIU is a testament to our commitment to operating with the ethical standards and protecting our customers and the financial system from the risks of money laundering and other . We are looking forward to working with the FIU and other regulatory bodies to combat money laundering and terrorism financing,” Shivam Thakral, CEO, BuyUcoin, said.
