ED Searches Money Changers Over Alleged FEMA And KYC Violations

The Enforcement Directorate conducted searches at the premises of certain money changers in connection with alleged violations of the Foreign Exchange Management Act (FEMA). The agency has alleged that foreign currency exchange activities were being carried out outside the licensed regulatory framework. The suspected violations include non-compliance with KYC norms, lack of prescribed documentation, and irregularities in invoicing procedures. The action highlights the regulator’s focus on monitoring foreign exchange transactions and ensuring compliance with FEMA, documentation standards, and anti-money laundering requirements.