CIRCULAR
F. No. 939/IFSCA/FATF-C/PMLA/2023-24/02 8th September 2023
To
The Designated Directors/
Principal Officers
All Regulated Entities
GIFT-IFSC
Sub: Guidance to the International Financial Services Centres Authority (Anti Money
Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022.
Sir/Madam,
A. Reference is drawn to the International Financial Services Centres Authority (Anti
Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines,
2022 (hereinafter referred as ‘Guidelines’) issued vide notification IFSCA/2022-
23/GN/GL001 dated October 28, 2022, by the International Financial Services Centres
Authority (hereinafter referred as ‘Authority’), to all Regulated Entities licensed,
recognised, registered, or authorised by the Authority.
B. Reference is also drawn to Rule 9(14) of Prevention of Money- Laundering (Maintenance
of Records) Rules, 2005 and Section 12 of the International Financial Services Centres
Authority Act, 2019.
C. Further vide Gazette notification G.S.R. 625(E) dated 4th September 2023, amendments
to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005
(hereinafter referred as ‘Rule’), were notified.
For the purpose of clarity for Regulated Entities the following guidance is being issued with
respect to the above stated Gazette Notification G.S.R. 625(E) dated 4th September 2023:
S. Amendment Guidance
No
1. In the principal rule, in rule 2, after clause (f) the following Refer to Clause
proviso shall be inserted namely:- 8.2 (a) (c) & (f) of
“Provided that such officer shall be an officer at the management the Guidelines
level
2. In the principal rule, in rule 9;- Applicable and
(A) in sub-rule (3), in clause (b);- effective from
(a) for the word “fifteen” the word “ten” shall be substituted; September 04,
(b) after the word “partnership”, the words “or who exercises 2023
control through other means” shall be inserted;
(c) after clause (b), the following Explanation shall be inserted,
namely: -
“Explanation - For the purpose of this clause, “Control” shall
include the right to control the management or policy decision;”
3. after sub-rule (10), the following proviso shall be inserted, Applicable and
namely: - effective from
“Provided that in case of a trust, the reporting entity shall ensure September 04,
that trustees disclose their status at the time of commencement of 2023
an account based relationship or when carrying out transactions
as specified in clause (b) of sub-rule (1) rule 9.”
4. (iii) In the principal rule, in rule 10, in sub-rule (3), in the Applicable and
Explanation, after the word “correspondence”, the words “and effective from
result of any analysis undertaken under rule 3 and rule 9” shall be September 04,
inserted. 2023
D. All other provisions specified in the Guidelines and circulars issued thereunder shall
remain unchanged.
E. Copy of the circular is available on the IFSCA website at
https://ifsca.gov.in/Legal/Index/TCce8MyOmco= .
Ramachander S.S.R. Eranki,
Head, AML & CFT Division,
[email protected] Page 2 of 2
