IFSCA circular F. No. IFSCA-DAC/8/2024-AMLCFT · 22 Nov 2024
Official title
Modifications under the 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 modifies the 2022 Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer Guidelines. Regulated entities must now apply countermeasures when an international or intergovernmental organization of which India is a member requires them and the Central Government accepts them. The Authority also updates the requirements for group-wide compliance, audit, and AML/CFT functions. Regulated entities must share customer, account, and transaction information with branches and subsidiaries for risk management. This includes information on unusual activities. Branches and subsidiaries must receive this information when it is relevant for effective risk management. All other provisions of the 2022 Guidelines remain unchanged.
What you must do
Who is affected
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CIRCULAR
F. No. IFSCA-DAC/8/2024-AMLCFT
November 22, 2024
To,
The Regulated Entities in the International Financial Services Centre (‘IFSC’)
Subject: Modifications under 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 to as ‘Guidelines’) issued by the International Financial Services Centres Authority (hereinafter referred to as ‘Authority’) vide notification No. IFSCA/2022-23/GN/GL001 dated October 28, 2022.
B. In exercise of the powers conferred under Section 12 of the International Financial Services Centres Authority Act, 2019, read with Rule 9 (14) of Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, the Authority hereby specifies the following modification to the Guidelines:
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“(d) the Regulated Entity shall adhere to the countermeasures when called upon to do so by any international or intergovernmental organisation of which India is a member and accepted by the Central Government.”
“(e) provides its Group-wide compliance, audit and AML/CFT functions of customer, account, and transaction information from its branches and subsidiaries, including information and analysis of transactions or activities which appear unusual, if such analysis has been conducted, when necessary for the purposes of ML/TF risk management. Similarly, branches and subsidiaries should receive such information from these group-level functions when it is relevant and appropriate for effective risk management.”
C. All other provisions of the Guidelines and Circulars issued thereunder from time to time 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
