On Nov. 18, IND IFSCA exempted certain entities and activities.
IND IFSCA exempted certain entities/activities from the applicability of IFSCA (anti money laundering, counter-terrorist financing and know your customer) guidelines, 2022.
Entities exempt from the guidelines include global-in-house centre; international branch campus or offshore educational centre of a foreign university or educational institution.
Financial crime compliance services provider; FI providing services only to entities in its financial group located in a country not identified by FATF as high-risk jurisdiction.
Applicability
All FIs, including those exempted above, shall transact or receive the monetary consideration only through an account maintained with a banking unit in IFSC.
Those exempted, however, shall undertake and document a business risk assessment.
In the event any AML/CTF risk is envisaged in the business risk assessment, such entities shall continue to comply with provisions of the Prevention of money laundering act 2002 and rules made thereunder, and IFSCA (AML/CTF/KYC) guidelines, 2022.
