CIRCULAR
F. No. 822/IFSCA/FATF-C/Legal/2022-23
31st August 2023
To,
The Designated Directors/
Principal Officers
All Regulated Entities
GIFT-IFSC
Sub: Additional AML measures under the International Financial Services Centres
Authority (Anti Money Laundering, Counter-Terrorist Financing and Know Your
Customer) Guidelines, 2022.
Sir/Madam,
A.
Reference may be drawn to the International Financial Services Centres Authority (Anti
Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines,
2022 (hereinafter referred as ‘Guidelines’) issued vide notification No. IFSCA/2022-
23/GN/GL001 dated October 28, 2022, by the International Financial Services Centres
Authority (hereinafter referred as ‘Authority’).
B.
Further in exercise of the powers conferred by Rule 9(14) of Prevention of Money-
Laundering (Maintenance of Records) Rules, 2005 read with Section 12 of the International
Financial Services Centres Authority Act, 2019, the Authority specifies the following
additional measures to be complied by all Regulated Entities:
Page 2 of 2
1.
In a cross-border wire transfer where the amount to be transferred is equal to USD
1000, every bank which is an ordering institution shall also comply with the
requirements specified under clause 7.7.3(a) of the Guidelines.
2.
Clause 7.7.3. (b) of the Guidelines shall apply to all Cross- Border Wire Transfers
which are bundled in a batch file.
3.
The Intermediary Institution shall be required to take all reasonable measures,
consistent with straight-through processing, to identify cross-border wire transfers that
lack the information required under clause 7.7.6 (a) of the Guidelines.
C.
All other provisions specified in the Guidelines shall remain unchanged.
D.
Copy
of
the
circular
is
available
on
the
IFSCA
website
at
https://ifsca.gov.in/Legal/Index/TCce8MyOmco=
Ramachander S.S.R. Eranki,
Head, AML & CFT Division,
ramachander.essr@ifsca.gov.in
