BUSINESS
Fintechs need stronger internal control to curb money laundering & white-collar crimes
In the rapidly evolving landscape of fintech, robust AML compliance measures not only help strengthen the digital finance and banking infrastructure but also provide a seamless linkage for Indian tech and fintech companies with their global counterparts
BUSINESS
India has an unfinished agenda on countering money laundering & terrorism financing
While India has largely complied with the FATF recommendations, further steps would be required for absolute compliance. We expect the government and regulators to issue further AML/CFT-related directions, circulars and instructions.
BUSINESS
RBI directions on outsourcing IT services fills a regulatory lacuna in tech-related issues
The RBI’s recent master direction focuses on the protection of customer data and imposes significant obligations related to compliance and reporting on regulated entities that intend to outsource their information technology to third parties
BUSINESS
Increased scrutiny of bank-fintech alliance puts start-up ecosystem at risk
RBI’s increased scrutiny of banks servicing start-ups and tech-based companies has largely impacted the business continuity of partner fintechs, with their customers being left in a lurch
BUSINESS
Cryptos under PMLA: More clarity needed on the implementation of the law
While the Cryptocurrencies Bill is still pending, presumably on account of recent Central Bank Digital Currency related developments and ongoing G20 discussion on uniform digital assets framework, the notification is a positive step and was much awaited by the Indian Web3/virtual digital assets players. It lends an increasingly sovereign recognition to the emerging Indian digital assets ecosystem.
BUSINESS
What Budget 2023 can do to strengthen the fintech sector
Support from the Union Budget 2023 will not only help strengthen the digital finance and banking infrastructure but also provide a seamless linkage for Indian tech and fintech companies with their global counterparts
