India, April 8 -- The Union government is allegedly finalising a proposal aimed at bringing online real-money gaming firms such as Dream11, Games24x7 and Winzo under the Prevention of Money Laundering Act (PMLA) to enforce KYC requirements and tracking of suspicious transactions, reported The Indian Express.

The proposal, helmed by the ministry of finance, could result in such firms being denoted as "reporting entities" under PMLA. The Act says that reporting entities have certain record-keeping and reporting obligations as financial institutions.

These reporting entities can range from banks, financial intermediaries to people belonging to a designated business or profession.

Under PMLA, a reporting entity would be required to provide...