IFSCA circular F. No. IFSCA-BDev0FSSC/2/2023 · 19 Jun 2026
Official title
Amendment to the Circular titled “Exempting certain entities/activities from the applicability of International Financial Services Centres Authority (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022
Summary
Check the official recordThe International Financial Services Centres Authority (IFSCA) has amended the Exemption Circular dated November 18, 2024, regarding the applicability of its Anti-Money Laundering, Counter-Terrorist Financing, and Know Your Customer Guidelines. The amendment mandates that all Financial Institutions, including those previously exempted, must conduct transactions or receive monetary consideration—such as funds or fees—exclusively through an account maintained with a Banking Unit in the International Financial Services Centre (IFSC) or an Special Non-Resident Rupee (SNRR) account. All other provisions of the original circular remain unchanged. This directive is effective immediately.
What you must do
Key dates
Who is affected
F. No. IFSCA-BDev0FSSC/2/2023
19 June, 2026
To All Regulated Entities in the International Financial Services Centre
Subject: Amendment to the Circular titled “Exempting certain entities/activities from the applicability of International Financial Services Centres Authority (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022”.
Sir/Madam,
Reference may be drawn to the Circular titled “Exempting certain entities/activities from the applicability of International Financial Services Centres Authority (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022” (hereinafter referred to “Exemption Circular”), dated November 18, 2024, issued by the Authority.
“All Financial Institutions, including those exempted under clause 2 above, shall transact or receive the monetary consideration (i.e. funds/fees/amount etc.) emanating from the business transactions only through an account maintained with a Banking Unit in IFSC or an SNRR account.”
All other provisions of the Exemption Circular shall remain unchanged.
This Circular is issued in exercise of the powers conferred by sections 12 and 13 of the International Financial Services Centres Authority Act, 2019, read with rule 9 (14) of the Prevention of Money- Laundering (Maintenance of Records) Rules, 2005, and shall come into force with immediate effect.
A copy of this Circular is available on the website of the International Financial Services Centres Authority at https://ifsca.gov.in/Legal/Index/TCce8MyOmco=.
Ankit Bhansali, General Manager Division of AML & CFT, IFSCA
