India’s Financial Intelligence Unit (India anti-money-laundering agency) Mandates Real-Time Selfie and Geolocation Checks for Crypto Platforms

India’s Financial Intelligence Unit (India anti-money-laundering agency) Mandates Real-Time Selfie and Geolocation Checks for Crypto Platforms

India’s Financial Intelligence Unit has strengthened KYC guidelines for crypto platforms, requiring enhanced onboarding measures to bolster anti-money laundering compliance.

Fact Check
The evidence overwhelmingly supports the truthfulness of the statement. A majority of the provided sources, ranging from a highly authoritative financial newspaper to specialized tax/law portals and a crypto exchange, directly and explicitly confirm that India's Financial Intelligence Unit (FIU) has mandated new, stricter Know Your Customer (KYC) rules for crypto platforms. These new rules specifically include the requirement for real-time or 'live' selfies and geolocation checks or 'geo-tagging'. The consistency across multiple independent sources is very strong. For example, sources from a financial newspaper, a tax portal, and a crypto exchange all use similar terminology to describe the new requirements. Several other sources provide strong contextual support, confirming that the FIU has mandated stricter, banking-level compliance for the crypto sector under anti-money laundering (PMLA) regulations. There are no sources that contradict the claim. The few irrelevant or low-relevance sources do not detract from the weight of the direct, corroborating evidence. The slight discrepancy in one source's title versus its summary is noted, but the summary aligns perfectly with the consensus, further strengthening the conclusion.
Summary

India’s Financial Intelligence Unit has updated its onboarding guidance for cryptocurrency platforms, tightening know-your-customer requirements. New measures include dynamic selfie checks with movement tracking, geolocation data collection, Permanent Account Number submission, and enhanced due diligence every six months for high-risk accounts. These steps expand existing protocols of recording IP addresses, timestamps, government IDs, emails, and phone verifications prior to account creation, aiming to curb money laundering and terrorist financing.

Terms & Concepts
  • Crypto platform: An online service that enables users to buy, sell, or use digital assets.
  • Real-time selfie checks: Live photo verification with eye and head movement tracking to confirm a user’s presence.
  • Geolocation: Collection of a user’s device location data to support identity verification.