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India pushes to bring online gaming companies under stricter framework at FATF
At the Financial Action Task Force (FATF) in Paris, India is pushing for the inclusion of online gaming companies under the ambit of anti-money laundering or countering the financing of terrorism framework.
In March 2023, the government extended the Prevention of Money Laundering Act (PMLA) to cover specific activities related to virtual digital assets to combat digital fraud in the sector. (Image source: Unsplash)
India is pushing for online gaming companies to be brought under the ambit of anti-money laundering (AML) and countering the financing of terrorism (CFT) framework, at the Financial Action Task Force (FATF) in Paris.
FATF is the global money laundering and terrorist financing watchdog. It sets international standards that aim to prevent these illegal activities and the harm they cause to society.
The country has already achieved a high-level of technical compliance across the FATF Recommendations and has taken significant steps to implement measures to tackle illicit finance
The government has now started internal discussions and is exploring ways to enforce stricter know your customer (KYC) protocols and the mandatory reporting of suspicious activities by these companies, according to an ET report.
Officials are expected to highlight the misuse of online gaming platforms like Mahadev Apps for money laundering. The Enforcement Directorate (ED) recently carried out searches at 19 locations in Mumbai and Pune as part of the ongoing probe against the "Fairplay" app - a subsidiary of the Mahadev Betting app, allegedly involved in illegal broadcasting of the Indian Premier League (IPL) and other betting activities, including the Lok Sabha election result in 2024.
The government is now working on the policy framework to secure the sector from the threat of money laundering.
Given the global body, FATF accepts the sector within the AML/CFT framework, the sector is expected to incorporate stringent KYC norms and reporting requirements on suspicious transactions.
Last year, the government brought specific activities related to virtual digital assets under the purview of the Prevention of Money Laundering Act, 2002. It also has been made mandatory for foreign online gaming companies to register in India, but most are yet to comply.
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