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The International Financial Services Centres Authority amends the conditions for opening a Global Administrative Office and a Representative Office. The authority replaces the relevant text in the IFSCA Banking Handbook Conduct of Business directions. Banking Units must meet the track record condition for complying with Anti-Money laundering and Combating the financing of terrorism guidelines in the home jurisdiction. The change takes effect immediately on November 2, 2023.
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Ask about this circular
[Image omitted. See the official document.]
F.No.110/IFSCA/Banking Regulation/2023-24/3
November 2, 2023
CIRCULAR
To,
All Banking Units
Dear Sir/Madam,
Subject : Amendment to IFSCA Banking Handbook - Conditions for opening a Global Administrative Office (GAO) and Representative Office (RO)
Please refer para 3.iii of Module 12 (REPO) and para 4.vii of Module 17 (GAO) of the IFSCA Banking Handbook Conduct of Business (COB) directions v 5.0 (Banking Handbook).
The contents of the abovementioned para(s) shall be replaced by the following with immediate effect :
"The Banking company's track record in complying with Anti-Money laundering/Combating the financing of terrorism (AML/CFT) guidelines in its home jurisdiction."
Yours faithfully
(Supriyo Bhattacharjee)
Chief General Manager
Department of Banking Regulation and Development
