IFSCA issues additional anti money laundering measures under IFSCA (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022

IFSCA on 31st August 2023 has issued additional anti money laundering measures under the International Financial Services Centers Authority (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022. The Authority specifies the following additional measures to be complied by all Regulated Entities:

1. In a cross-border wire transfer where the amount to be transferred exceeds USD 1000, every bank which is an ordering institution shall include in the message or payment instruction that accompanies or relates to the wire transfer.
2. The Guidelines shall apply to all Cross- Border Wire Transfers which are bundled in a batch file.
3. The Intermediary Institution shall be required to take all reasonable measures, consistent with straight-through processing, to identify cross-border wire transfers that lack the information required.