The International Financial Services Centres Authority (IFSCA) vide reference number: F. No. 822/IFSCA/FATF-C/Legal/2022-23/02 dated October 12, 2023 issued a Circular on “Modifications under International Financial Services Centres Authority (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022” (“Circular”).
The key amendments specified in the Circular are as follows:
1. Existence of a local agent or low-level staff in a country or jurisdiction shall not be considered as physical presence for the purpose of determining a Shell financial institution.
- Regulated entities are required to apply enhanced due diligence (EDD) measures proportionate to the risks, to business relationships and transactions with natural and legal persons (including financial institutions) from the countries for which it is called for by the Financial Action Task Force (FATF).
3. Banks & Regulated Entities undertaking wire transfers are required to verify the information pertaining to their customer where there is a suspicion of money laundering or terrorist financing.
- Disclosure of information on suspicious transactions is permitted where there is disclosure or information sharing among entities in a Financial Group.
The copy of the Circular and comparative analysis of the existing and revised/new provisions are attached herewith for your reference.
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