On July 10, 2025, the International Financial Services Centres Authority (“IFSCA”) issued a consultation paper proposing certain modifications to Part-A of Annexure II of the IFSCA(Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022.
The proposed modification seeks to expand the scope of the Video-based Customer Identification Process (“V-CIP”) to facilitate the onboarding of Non-Resident Indians (NRIs) by regulated entities operating within the International Financial Services Centres (IFSCs). Currently, V-CIP provisions are limited to Indian nationals.
This initiative is part of IFSCA’s ongoing efforts to promote financial inclusion and streamline digital onboarding processes while maintaining robust Anti Money Laundering and Know Your Customer safeguards. Stakeholders and the general public are invited to submit their comments and suggestions on the draft modifications latest by August 01, 2025.