New Delhi, Oct. 2 -- The Financial Intelligence Unit of India (FIU-IND) has issued notices to 25 offshore virtual digital asset (VDA) service providers for alleged non-compliance with India's anti-money laundering law, the finance ministry said in a statement on Wednesday.

The notices were issued under Section 13 of the Prevention of Money Laundering Act (PMLA), which empowers authorities to initiate enquiries, seek audits of records, verify client identities, and demand reports on suspicious transactions. Entities found in violation face penalties of up to Rs.1 lakh per breach.

The ministry added that the Director of FIU-IND has also issued notices under the Information Technology Act, 2000, seeking takedown of apps and URLs that were ...