The International Financial Services Centres Authority (IFSCA) on November 18, 2024, issued a circular regarding exempting certain entities/activities from the applicability of International Financial Services Centres Authority (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022.
The following has been stated: -
•The IFSCA has exempted certain entities/activities from its Anti-Money Laundering (AML), Counter-Terrorist Financing (CTF), and Know Your Customer (KYC) Guidelines, 2022, including Global In-House Centres, International Branch Campuses, Financial Crime Compliance Service Providers, and certain Financial Institutions with limited operations.
•However, all financial institutions must transact through an IFSC Banking Unit. Exempt entities must still perform business risk assessments and comply with AML/CTF laws if risks are identified. Other provisions of the guidelines remain unchanged.
The detailed circular is given in the document below.
[Circular No. F.No.IFSCA-FCS/1/2023-Banking]
