The International Financial Services Centres Authority (IFSCA) on November 22, 2024, issued a notification regarding the Modifications under the International Financial Services Centres Authority (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022.
The following has been stated-
New Countermeasure Clause:
Regulated entities must comply with countermeasures mandated by any international or intergovernmental organization of which India is a member, as the Central Government approves.
Group-Wide Compliance Update:
Group-wide compliance, audit, and AML/CFT functions must share customer, account, and transaction information between branches and subsidiaries as necessary for effective ML/TF risk management.
These changes are made under Section 12 of the IFSCA Act, 2019, and Rule 9(14) of the PMLA (Maintenance of Records) Rules, 2005. All other provisions of the Guidelines remain unchanged.
[Notification No. IFSCA-DAC/8/2024-AMLCFT]
