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Brief
Order No. 15/DIRFIU-IND/2024 imposes a penalty of Rs. 9,27,00,000 on Bybit Fintech Limited for contravening Sections 12 and 13 of the Prevention of Money Laundering Act (PMLA) 2002, along with various rules under the PML Rules 2005. The order affects the Virtual Digital Asset Service Provider (VDA SP) industry, emphasizing the importance of compliance with anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations. Compliance considerations for VDA SPs in India include adherence to Chapter IV of the PMLA and the PML Rules 2005.
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