IFSCA has issued FAQs for the International Financial Services Centres Authority (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations, 2024. It is clarified that the regulations cover four types of services i.e. book-keeping, accounting, taxation, and financial crime compliance services.
Book-keeping services such as classifying and recording transactions including payroll ledgers in terms of money or any other unit of measurement in the books of account and other related documents.
Accounting services like
- reviewing annual and interim financial statements or other accounting information without
any attestation or assurance thereof; - compilation of financial statements from information provided by the client, without giving
any attestation or assurances regarding the accuracy of the resulting statements; - preparation of financial statements;
- compilation of income statements, balance sheets or other financial information;
- analysis of financial statements;
- other related accounting support services in relation to any of the above including valuation
support services.
Taxation services such as tax consultation, tax preparation or tax planning and includes providing advice and guidance concerning taxes as well as preparing and filing of tax returns of all kinds.
Financial crime compliance services such as services rendered in relation to compliances of Anti-
Money Laundering (AML) / Countering the Financing of Terrorism (CFT) measures and Financial
Action Task Force (FATF) recommendations, and other related activities.
Any entity intending to provide book-keeping, accounting, taxation, or financial crime compliance services in an IFSC must obtain a certificate of registration from the Authority.
