The International Financial Services Centres Authority (IFSCA) vide Circular bearing reference number: F. No. IFSCA-DAC/8/2024-AMLCFT dated November 22, 2024 issued “Modifications under International Financial Services Centres Authority (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022” (“Guidelines”).
Highlights of the modifications are as follows:
- Regulatory entities have been directed to adhere to any counter measures that may be suggested by International Agencies under International Agreements, to which India is a member.
Regulatory entities have been directed to adhere to any counter measures that may be suggested by International Agencies under International Agreements, to which India is a member.
- Regulated Entities which is part of a financial group must ensure that it provides the information and analysis of transactions or activities which appear unusual with Group-wide Compliance, Audit and AML/CFT functions, 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.
Regulated Entities which is part of a financial group must ensure that it provides the information and analysis of transactions or activities which appear unusual with Group-wide Compliance, Audit and AML/CFT functions, 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.
- Impact on the Company – Necessary policies, processes and systems to be aligned with the specified amendments in the Circular.
Impact on the Company – Necessary policies, processes and systems to be aligned with the specified amendments in the Circular.
A copy of the circular is attached for your ready reference.
Source category: IFSC Insurance Office
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