Laws and sections by number or title, due dates, pages, and updates.
All regulated entities in GIFT-IFSC must immediately complete their registration on the FIU-IND FINNET 2.0 portal to comply with anti-money laundering guidelines and rules. Regulated entities holding multiple licenses or registrations from the International Financial Services Centres Authority for different lines of business must register all lines of business on the portal. Entities use the license number of the primary revenue-generating business as the registration number. Entities that already completed registration must update their additional lines of business on the portal. Non-registration constitutes a contravention of IFSCA regulations, circulars, guidelines, directions, or instructions.
What you must do
Key dates
Who is affected
If you do not comply
Ask about this AML/CFT circular
[Image omitted. See the official document.]
CIRCULAR
F. No. 886/IFSCA/FATF-C/Coordination/2023-24
14th March 2024
To, The Designated Directors/ Principal Officers All Regulated Entities GIFT-IFSC
Sub: Registration on FIU-IND FINNET 2.0 portal for compliance with International Financial Services Centres Authority (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022.
Sir/Madam,
A. Reference may be drawn to clause 1.2, 1.3.33 and 1.3.35 of Chapter-I (Applicability, Definitions and Responsibilities), clause 10.3 of Chapter -X (Process of Identification and reporting of suspicious transactions) and other provisions of 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 No. IFSCA/2022-23/GN/GL001 dated October 28, 2022, by the International Financial Services Centres Authority (hereinafter referred as 'Authority').
B. Reference may also be drawn to Prevention of Money-laundering Act, 2002 ('PMLA') and the Prevention of Money laundering (Maintenance of Records) Rules, 2005 ('PML, Rules').
C. For compliance with relevant provisions of the Guidelines and also with the provisions of the PMLA and PML Rules, all regulated entities are required to immediately complete their registration on FIU-IND FINNET 2.0 portal. The non-registration with FIU-IND by any regulated entity shall be construed as contravention of the provisions of the respective IFSCA regulations or circulars or guidelines or directions or instructions issued thereunder.
D. The Regulated Entities which have been granted more than one license / registration / recognition / authorisation by the International Financial Services Centres Authority ('IFSCA') for different line of business ('LoBs'), shall have to mandatorily register all LoBs in FINNET 2.0 portal. The license/ registration/recognition/ authorization number (issued by IFSCA) of the primary revenue-generating business of the RE may be used as the RE Registration Number at the time of registering on the FINNET 2.0 portal.
E. The Regulated Entities which have completed registration on FINNET 2.0 portal and have been granted more than one license / registration / recognition / authorisation by the IFSCA for different LoBs, shall also update the same on FINNET 2.0 portal.
F. 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
