International Financial Services Centres Authority (IFSCA) on 23rd May, 2023 issued a circular on guidelines published regarding International Financial Services Centres Authority (IFSCA) (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022 following the amendments made in the Prevention of Money-laundering (Maintenance of Records) Rules, 2005.
It is clarified that every banking company or financial institution or intermediary, as the case may be, shall register the details of a client, in case of client being a non-profit organization, on the DARPAN Portal of NITI Aayog, if not already registered, and maintain such registration records for a period of five years after the business relationship between a client and a reporting entity has ended or the account has been closed, whichever is later.
This shall be applicable and effective from March 07, 2023.
