IFSCA has received representations from market participants to examine the applicability of the International Financial Services Centres Authority (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022 to certain entities/activities in International Financial Services Centre (‘IFSC’). Based on the examination of the same and taking into consideration other relevant factors, the IFSCA hereby exempts following entities/activities from the applicability of the Guidelines: –
- ‘Global-in-House Centre’ registered under IFSCA (Global In-House Centres) Regulations, 2020;
- ‘International Branch Campus’ (“IBC”) or an ‘Offshore Educational Centre’ (“OEC”) of a Foreign University or a Foreign Educational Institution registered under IFSCA (Setting up and Operation of International Branch Campuses and Offshore Education Centres) Regulations, 2022;
- ‘Financial Crime Compliance Services Provider’ registered under IFSCA (Book- keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations, 2024; and
- A Financial Institution providing services only to the entities in its ‘Financial Group’ which are located in a country not identified in the public statement of FATF as ‘High-risk jurisdictions subject to call for action’. Any financial institution undertaking transactions through third-party business / service providers in the course of their operations, shall undertake business risk assessment and comply with incidental provisions of the Guidelines.
