Transactions of up to 1 billion rupees, or $1.3 million, were allegedly made in the names of people with no connections to the money by companies under investigation in a case involving instant loans. Thes companies often had ties to China. Even though Know Your Customer/Anti-Money Laundering (KYC/AML) procedures showed the transactions to be suspicious, no enhanced due diligence was performed and no suspicious transaction reports were filed with the ED, the agency claimed.
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Source: Cryptocurrency - investing.com
