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Real money gaming companies may have to comply with KYC norms as govt plans to bring them under PMLA: Report

India’s real money gaming sector has been saddled with uncertainty after multiple states moved to regulate it.

The Union government is planning to bring online skill-based gaming under the purview of the Prevention of Money Laundering Act (PMLA), as per a report in Business Standard. It means that gaming companies will have to comply with KYC (know your customer) norms once the sector is regulated by the PMLA, the report added. The authorities are reportedly considering the United Kingdom's Gambling Act for reference as India does not have a framework of its own. Moreover, the finance ministry and the Reserve Bank of India (RBI) have expressed concern over the lack of a framework for regulating online gaming with stakes, the business daily added. The absence of a framework to regulate gaming has plunged the sector into a lot of uncertainty. Many bad actors have mushroomed in the wake, posing several problems out of which money laundering is…

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I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

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