These Guidelines may be called as International Financial Services Centres Authority (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022.
The provisions of these Guidelines shall apply to every Regulated Entity which is licensed, recognised or registered by International Financial Services Centres Authority (IFSCA) and also to the Regulated Entities authorised by it, to the extent specified
The provisions of these Guidelines shall also apply to a Financial Group of the Regulated Entity, to such extent as specified in Chapter-XII.
The guidelines include the risks identified while assessing the business risks shall be used for the customer risk assessment. The customer risk assessment shall be performed while taking into consideration the parameters, or the process as specified below. The outcome of the Customer risk assessment shall be used to assign the risk rating of the customer as high, medium or low, proportionate to the ML/TF risks.
The guidelines further mandates that a Regulated Entity shall furnish to the Director, Financial Intelligence Unit-India (FIU-IND), the required information referred to in rule-3 of the Rules and in accordance with the terms of rule-7.
The reporting formats and comprehensive reporting format guide prescribed or released by FIU-IND and Report Generation Utility and Report Validation Utility developed to assist Regulated Entities in the preparation of prescribed reports shall be taken note of. The editable electronic utilities to file Suspicious Transaction Reports (STR) which FIU-IND has placed on its website, shall be made use of by Regulated Entities which are yet to install/adopt suitable technological tools for extracting STR from their live transaction data.
While furnishing information to the Director, FIU-IND, delay of each day in not reporting a transaction or delay of each day in rectifying a mis-represented transaction beyond the time limit as specified in the Rule shall constitute a separate violation.
The notification shall come into force from the date of its publication in the official gazette.
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