CIRCULAR
F. No. 939/IFSCA/FATF-C/PMLA/2023-24/02
8th September 2023
To
The Designated Directors/
Principal Officers
All Regulated Entities
GIFT-IFSC
Sub: Guidance to the International Financial Services Centres Authority (Anti Money
Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022.
Sir/Madam,
A.
Reference is 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 IFSCA/2022-
23/GN/GL001 dated October 28, 2022, by the International Financial Services Centres
Authority (hereinafter referred as ‘Authority’), to all Regulated Entities licensed,
recognised, registered, or authorised by the Authority.
B.
Reference is also drawn to Rule 9(14) of Prevention of Money- Laundering (Maintenance
of Records) Rules, 2005 and Section 12 of the International Financial Services Centres
Authority Act, 2019.
C.
Further vide Gazette notification G.S.R. 625(E) dated 4th September 2023, amendments
to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005
(hereinafter referred as ‘Rule’), were notified.
Page 2 of 2
For the purpose of clarity for Regulated Entities the following guidance is being issued with
respect to the above stated Gazette Notification G.S.R. 625(E) dated 4th September 2023:
S.
No
Amendment
Guidance
1.
In the principal rule, in rule 2, after clause (f) the following
proviso shall be inserted namely:-
“Provided that such officer shall be an officer at the management
level
Refer to Clause
8.2 (a) (c) & (f) of
the Guidelines
2.
In the principal rule, in rule 9;-
(A) in sub-rule (3), in clause (b);-
(a) for the word “fifteen” the word “ten” shall be substituted;
(b) after the word “partnership”, the words “or who exercises
control through other means” shall be inserted;
(c) after clause (b), the following Explanation shall be inserted,
namely: -
“Explanation - For the purpose of this clause, “Control” shall
include the right to control the management or policy decision;”
Applicable and
effective
from
September
04,
2023
3.
after sub-rule (10), the following proviso shall be inserted,
namely: -
“Provided that in case of a trust, the reporting entity shall ensure
that trustees disclose their status at the time of commencement of
an account based relationship or when carrying out transactions
as specified in clause (b) of sub-rule (1) rule 9.”
Applicable and
effective
from
September
04,
2023
4.
(iii) In the principal rule, in rule 10, in sub-rule (3), in the
Explanation, after the word “correspondence”, the words “and
result of any analysis undertaken under rule 3 and rule 9” shall be
inserted.
Applicable and
effective
from
September
04,
2023
D.
All other provisions specified in the Guidelines and circulars issued thereunder shall
remain unchanged.
E.
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
