The International Financial Services Centres Authority (IFSCA) on November 02, 2023, issued a circular regarding amendment to the IFSCA Banking Handbook – Conditions for opening a Global Administrative Office (GAO) and Representative Office (RO).
The following has been stated: -
•Please refer to para 3. iii of Module 12 (REPO) and para 4. vii of Module 17 (GAO) of the IFSCA Banking Handbook Conduct of Business (COB) directions v 5.0 (Banking Handbook).
•The contents of the abovementioned para(s) shall be replaced by the following with immediate effect :
“The Banking company’s track record in complying with Anti-Money Laundering/Combating the financing of terrorism (AML/CFT) guidelines in its home jurisdiction.”
•These conditions shall be incorporated in the IFSCA Banking Handbook during the next amendment/updation of the Handbook.
The detailed circular is given in the document attached below.
[Circular No. F.No.110/IFSCA/Banking Regulation/2023-24/3]
