CIRCULAR
F. No. 822/IFSCA/FATF-C/Legal/2022-23 /03
23rd October 2023
To,
All 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 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’).
B.
Further vide Gazette notification dated G.S.R. 745(E). dated 17th October 2023,
Government of India has amended the Prevention of Money-laundering (Maintenance of
Records) Rules, 2002 (hereinafter referred as ‘Rule’). Accordingly, the Authority hereby
specifies the following modifications, in the aforesaid Guidelines:
1. In sub-clause (c) of clause 2.1 of the Guidelines, after the words ‘enterprise-wide
level’ and before the words ‘wherever applicable’ the words ‘(Financial Group-wide
level or Group-wide level)’ may be inserted.
2. In clause 5.4.8 of the Guidelines, for the words ‘proviso of rule 9(1)(b)’, the words
‘second proviso of rule 9(1)(c)’ shall be substituted;
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3. In sub-clause (a) of clause 6.2 of the Guidelines, for the words “within 2 days” the
words ‘immediately’ shall be substituted;
4. In point (i) of the proviso to sub-clause (c) of clause 6.2 of the Guidelines, for the
words ‘group-wide policy’, the words ‘Group-wide programmes’ shall be substituted.
5. In point 5 (a) (i) of the Guidance note to clause 10.3 of the Guidelines, for the words
‘within 7 days of arriving at a’, the words ‘promptly on’ shall be substituted;
6. After sub-point (d) of the clause 8(iii) of Part-II of the Annexure-I of the Guidelines,
the following shall be inserted: -
‘(e) the names of the beneficiaries, trustees, settlor, protector, if any and authors of
the trust and the address of the registered office of the trust; and
(f) list of trustees and documents as are required for individuals under sub-rule (4) of
rule 9 of the Rules and Guidelines for those discharging role as trustee and authorised
to transact on behalf of the trust’.
7. In clause 12.1 of the Chapter-XII of the Guidelines,
(i)
In sub-clause (a), for the words ‘group policy’, the words ‘Financial Group’s
programmes (Group-wide programmes)’ shall be substituted;
(ii)
In the third line of sub-clause (a), for the words ‘The group policies’, the words
‘These Group-wide programmes’ shall be substituted;
(iii)
In sub-clause (b), for the words ‘group policy’, the words ‘Group-wide
programmes’ shall be substituted;
(iv)
In sub-clause (e), for the words ‘group policy’, the words ‘Group-wide
programmes’ shall be substituted;
(v)
After sub-clause (e), the following new sub-clause shall be inserted: -
‘(f) Financial Groups are required to implement Group-wide programmes for
the purpose of discharging obligations under the provisions of Chapter-IV of
the Act, Rules and Guidelines.’
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8. In clause 12.2 of the Chapter-XII of the Guidelines,
(i)
In the title of clause 12.2, for the words ‘Group Policy’ the words ‘Group
Wide Programmes’ shall be substituted;
(ii)
The sub-clause (a) shall be substituted as follows: -
‘(a) has developed and implemented Group-wide programmes against
ML/TF, including group- wide policies and procedures for sharing of
information required for the purpose of CDD and ML/TF risk management;’
(iii)
In sub-clause (b) after words ‘exchanged’ and before the words ‘between’, the
words ‘, including safeguards to prevent tipping-off’ shall be inserted;
C.
All other provisions specified in the Guidelines and circulars issued thereunder 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
