Concrete measures have been taken to regulate the Fintech industry in India according to the Financial action working grouprecommendations to approach money laundering And Terrorism financingA head of the central government said on Wednesday. India is one of the few countries working on GADA’s recommendations to regulate the Fintech industry, said Vivek Agrawal, additional secretary (Revenue Department), Ministry of Finance, during the 41st Plenary Plenary of the Eurasian group to Indore.
FATF is carrying out global action to combat money laundering, terrorism and the financing of proliferation.
The Reserve Bank of India (RBI) has also published separate directives to regulate payment aggregators and payment gateways, he said.
AGRAWAL attends the five -day IAG meeting as head of the India delegation. He is also director of the Financial Intelligence Unit (FIU) in India.
He said it is now compulsory for Virtual asset service providers (Vasps) in the country to register with the CRF.
“The development of financial technology is crucial for the growth of digital payment systems, but in particular given threats of money laundering and terrorist financing, the development of this technology has its own challenges because a misuse of the technology can lead to cybercrime and financial fraud criminals in an anonymous manner, “he said.
The head of the Ministry of Finance said that the India Fintech industry is currently leading the world.
“We want the regulations to be carried out in such a way that it does not lead to the growth of the industry, improves the ease of doing business and the country remains a world center for digital technology,” he said .
Before information on the media, Agrawal attended a workshop organized by EAG and Asia / Pacific Group on Money Whitering (APG). The president of the workshop workshop on “Innovation Finance”, Yury Chikhanchin and the co -president of the APG, Mitsutoshi Kajikawa, also attended.
According to officials, around 200 foreign delegates and 60 Indians participate in the EAG meeting, which will continue until November 29. These are representatives of the International Monetary Fund and the Asian Development Bank, he said.
